Financial Reporting Council Mitie Group plc (4883M)
July 31 2017 - 2:00AM
UK Regulatory
TIDMMTO TIDMTTM
RNS Number : 4883M
Financial Reporting Council
31 July 2017
Investigation opened into the audit of the financial statements
of Mitie Group plc
PN XX 31 July 2017
An investigation into the audit by Deloitte LLP of the financial
statements of Mitie Group plc has been announced by the Financial
Reporting Council (FRC).
The investigation, carried out under the FRC's Audit Enforcement
Procedure, will look at whether there have been any breaches of
Relevant Requirements in relation to the Statutory Audits of the
consolidated financial statements of Mitie Group plc for the years
ended 31 March 2015 and 2016.
Notes to editors:
1. The Financial Reporting Council (FRC) is the UK's independent
regulator responsible for promoting high quality corporate
governance and reporting to foster investment. The FRC sets the UK
Corporate Governance and Stewardship Codes and UK standards for
accounting and actuarial work; monitors and takes action to promote
the quality of corporate reporting; and operates independent
enforcement arrangements for accountants and actuaries. As the
competent authority for audit in the UK the FRC sets auditing and
ethical standards and monitors and enforces audit quality.
2. To meet its responsibility as the competent authority in
respect of audit enforcement, the FRC operates the Audit
Enforcement Procedure. This procedure applies to the investigation
and sanctioning of breaches of the various requirements of the
statutory auditors of Public Interest Entities (PIEs) and any other
cases retained by the FRC including AIM companies with a market
capitalisation in excess of EUR200m. In brief, the stages of the
Audit Enforcement Procedure are:
-- Initial case examination and decision to investigate
-- Investigation
-- Decision by Executive Counsel as to whether to issue a
Decision Notice (a notice with the findings and recommended
sanction);
-- Referral to Enforcement Committee and decision by the
Enforcement Committee whether to issue a Decision Notice ; and
-- Referral to a Tribunal.
In order for a matter to be referred for investigation by the
FRC's Executive Counsel under the Audit Enforcement Procedure, the
FRC's Conduct Committee is required to decide whether there is good
reason to investigate an Allegation in relation to a Statutory
Auditor and/or a Statutory Audit Firm.
Investigations are conducted by Executive Counsel and the
Enforcement division.
3. All Press enquiries should be directed to:
-- Peter Timberlake, Head of Communications, on telephone: 020
7492 2397/ 07768 502332, or email: p.timberlake@frc.org.uk.
-- Rita Carolan, Communications Manager, on telephone: 020 7492
2307/ 07428 149096 or email: r.carolan@frc.org.uk.
-- Alana Sinnen, Communications Manager, on telephone: 020 7492
2395/ 07949 005526 or email: a.sinnen@frc.org.uk.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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