The Financial Reporting Council has commenced an investigation into MacIntyre Hudson’s audits of MRG Finance UK.
The audits in question were of the financial statements for the years ended 31 December 2018 and 31 December 2019.
The decision was made at a meeting of the FRC’s conduct committee on 9 November 2021, with the investigation being conducted by the FRC’s enforcement division under the audit enforcement procedure.
However the council noted that MRG Finance UK will not be subject to investigation.
The FRC stated: “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.”
A spokesperson for the firm said: “MHA MacIntyre Hudson is aware of the matters raised by the FRC and is fully co-operating with the FRC’s investigation. We are committed to ensuring that excellent audit quality is at the heart of our business.”