Rolls-Royce audit inquiry begins

Posted on 18 May 2017 and read 380 times
Rolls-Royce audit inquiry beginsThe Financial Reporting Council (FRC) (www.frc.org.uk) says that it is has begun an investigation into KPMG’s audit of the accounts of Derby-based aero-engine manufacturer Rolls-Royce.

This follows the company’s settlement of £671 million with the Serious Fraud Office (SFO) earlier this year concerning corruption allegations.

The FRC said: “We have commenced an investigation under the Audit Enforcement Procedure into the conduct of KPMG Audit Plc, in relation to the audit of the financial statements of Rolls-Royce Group plc for the year ended 31 December 2010 and of Rolls-Royce Holdings plc for the years ended 31 December 2011 to 31 December 2013.

“The decision to investigate follows the SFO announcement on 17 January 2017 of a Deferred Prosecution Agreement between the SFO and Rolls-Royce which relates to offences including conspiracy to corrupt and a failure to prevent bribery.”

KPMG said: “It is important that regulators acting in the public interest should review high-profile issues. We will co-operate fully with the FRC investigation, which follows the SFO’s investigations into Rolls-Royce.

“We are confident in the quality of all the audit work we have completed for Rolls-Royce, including the period the FRC is considering.”

The firm has audited Rolls-Royce for 26 years, but is expected to be replaced in 2018 by Price Waterhouse Coopers.

Be seen in all the right places!

IMTOS (India Machinne Tools Show) 2017 Northern Manufacturing 2017 MTA Hanoi 2017 MATOF 2017 - Korea Int'l Manufacturing Technology Advanced Engineering UK 2017 Metalex 2017 EUROTOOL 2017 Engimach 2017 Machine Tool Indonesia 2017 Steelfab 2018 WIN Eurasia 2018 MACH 2018

Machinery-Locator
The online search from the pages of Machinery Market.

Edwards Pearson RT4 100/3100 CNC Press Brake
Light guards, crowning, tooling, Cybelec DNC7000, 215mm stroke, 2550mm between frames, 100 tons x 31
Light guards, crowning, tooling, Cybelec DNC7000, 215mm stroke, 2550mm between frames, 100 tons x 31...
New Century Machinery