BT's Italian Accounting Issues Probed by UK Reporting Regulator
June 29 2017 - 3:52AM
Dow Jones News
By Razak Musah Baba
LONDON--The Financial Reporting Council is investigating audits
by PricewaterhouseCoopers LLP of BT Group PLC's (BT.A.LN) accounts,
in relation to accounting issues in BT's Italian operations.
Last October, BT announced an internal investigation into its
Italian business. The U.K.-based telecommunications and TV provider
said that the investigation, which included an independent review
by auditing firm KPMG LLP, found that "the extent and complexity of
inappropriate behavior in the Italian business were far greater
than previously identified." BT said the activity involved improper
sales, purchase and leasing transactions, which led the company to
overstate its Italian profit over "a number of years."
The FRC, which is responsible for promoting high-quality
corporate governance and reporting, said Thursday that following
completion of initial enquiries, it will begin the investigation
into BT's consolidated financial statements for the years ended
March 31, 2015 to 2017 inclusive.
--Stu Woo contributed to this article
Write to Razak Musah Baba at razak.baba@wsj.com; Twitter:
@Raztweet
(END) Dow Jones Newswires
June 29, 2017 03:37 ET (07:37 GMT)
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