Sunday, December 5, 2021

Financial Reporting Council commences investigation over nmcn audit

The Financial Reporting Council (FRC) has commenced an investigation into BDO in relation to its audit of Nottinghamshire construction and engineering company, nmcn.

The FRC is looking into the accountancy firm’s audit of the consolidated financial statements of nmcn for the year ended 31 December 2019.

The decision was made at a meeting of the FRC’s Conduct Committee on 14 September 2021.

The investigation will be conducted by the FRC’s Enforcement Division under the Audit Enforcement Procedure.

nmcn entered administration earlier this month, with the majority of the business now sold, safeguarding the jobs of most of its employees. Approximately 80 people however have been made redundant.

Following significant cashflow pressures experienced in 2020 and subsequent losses incurred by the business, the group and its advisors worked throughout much of 2021 to deliver a successful refinancing and secure the future of the business.

However, the legacy issues faced by the group and ongoing losses in 2021 were simply too great to enable the refinance to succeed in an acceptable timescale.

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