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.

A message from the Editor:

Thank you for reading this story on our news site - please take a moment to read this important message:

As you know, our aim is to bring you, the reader, an editorially led news site and magazine but journalism costs money and we rely on advertising, print and digital revenues to help to support them.

With the Covid-19 pandemic having a major impact on our industry as a whole, the advertising revenues we normally receive, which helps us cover the cost of our journalists and this website, have been drastically affected.

As such we need your help. If you can support our news sites/magazines with either a small donation of even £1, or a subscription to our magazine, which costs just £33.60 per year, (inc p&P and mailed direct to your door) your generosity will help us weather the storm and continue in our quest to deliver quality journalism.

As a subscriber, you will have unlimited access to our web site and magazine. You'll also be offered VIP invitations to our events, preferential rates to all our awards and get access to exclusive newsletters and content.

Just click here to subscribe and in the meantime may I wish you the very best.







Latest news

Related news

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close