Wired-GOV Newswire (news from other organisations)
Printable version

FRC: Accountancy Scheme investigation opened regarding the financial statements of Redcentric plc

The Financial Reporting Council (FRC) has commenced an investigation under the Accountancy Scheme into the conduct of a Member in relation to the preparation and review of financial information relating to Redcentric plc for the financial years ended 31 March 2015 and 2016.

On 27 February 2017, the FRC announced the opening of an investigation into the conduct of PricewaterhouseCoopers LLP’s (PwC) audit of Redcentric plc under the Audit Enforcement Procedure. The press notice relating to this can be found here.

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. In relation to enforcement matters, the FRC is the independent, investigative and disciplinary body for accountants and actuaries in the UK dealing with cases which raise important issues affecting the public interest. In brief, the stages of the disciplinary process under the Accountancy Scheme are:
  • Decision to investigate
  • Investigation
  • Decision whether to bring enforcement proceedings against Member Firm or Member and, if so decided, referral to Disciplinary Tribunal
  • Tribunal hearing
  • Determination and imposition of sanction and/or costs orders

Under the Accountancy Scheme the FRC can start a disciplinary investigation in one of two ways: (i) the professional bodies can refer cases to the FRC; and (ii) the FRC may decide of its own accord to investigate a matter. The Conduct Committee will consider each case identified or referred to it and decide whether or not the criteria for an investigation are met.

The criteria are specified in paragraph 5(1) of the Accountancy Scheme. A Member or Member Firm shall be liable to investigation under this Scheme only where, in the opinion of the Conduct Committee the matter raises or appears to raise important issues affecting the public interest in the United Kingdom and there are reasonable grounds to suspect that there may have been Misconduct or it appears that the Member or Member Firm has failed to comply with any of his or its obligations under paragraphs 14(1) or 14(2) of the Scheme.

Investigations are conducted by Executive Counsel and the Enforcement division.

  1. All Press enquiries should be directed to:
  • Alana Sinnen, Communications Manager, on telephone: 020 7492 2395/ 07949 005526 or email: a.sinnen@frc.org.uk.
  • Rita Carolan, Communications Manager, on telephone: 020 7492 2307/ 07428 149096 or email: r.carolan@frc.org.uk.
  • Peter Timberlake, Head of Communications, on telephone: 020 7492 2397/ 07768 502332, or email: p.timberlake@frc.org.uk.

 

Share this article

Latest News from
Wired-GOV Newswire (news from other organisations)

NEW GLOBAL FORUM TACKLES OPERATIONAL TECHNOLOGY SECURITY FREE MEMBERSHIP for WIREDGOV Subscribers! (Offer closes 5pm, September 30th)