KPMG faces FRC probe into Co-op audit

The Financial Reporting Council (FRC) has opened an investigation into the “preparation, approval and audit” of the Co-operative Bank’s financial statements up to and including the year ended 31 December 2012.

The likelihood of such an investigation has been on the cards since October, when MPs on the Commons Treasury select committee discussed the Big Four firm’s audit of the Co-op with Barry Tootell, the former CFO and then chief executive of the Co-operative Banking Group.

The FRC has now gone public with its intention to investigation KPMG under the Accountancy Scheme.

The auditor put out an official statement saying it would co-operate fully with the probe...

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