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FRC launches investigation into KPMG over its Rolls Royce audit

08 May 2017

The Financial Reporting Council (FRC) has started an investigation under the Audit Enforcement Procedure into the conduct of KPMG, in relation to the audit of financial statements of Rolls-Royce Group for the year ended 31 December 2010 and of Rolls-Royce Holdings plc for the years ended 31 December 2011 to 31 December 2013.

This move follows the Serious Fraud Office’s announcement on 17 January 2017 of a Deferred Prosecution Agreement (DPA) between the SFO and Rolls-Royce which relates to offences including conspiracy to corrupt and a failure to prevent bribery.

In January Rolls paid the SFO £497m in penalties.

KPMG said it will co-operate fully with the FRC’s investigations and is confident in the quality of all its audit work for Rolls-Royce.

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