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The Financial Reporting Council has announced that it has opened an investigation into KPMG’s audit of the parent company of Coral and Ladbrokes Entain’s 2022 accounts.
The Big Four accounting firm has been Entain’s auditor since 2018.
A KPMG UK spokesperson said: “We will cooperate fully with the FRC to conclude this matter as quickly as possible.”
It comes as a blow to KPMG as it has invested heavily in improving its audit standards following a number of fines.
The firm was fined £21m over its work on Carillion’s books ahead of the firm’s high-profile demise.
Last year, Entain appointed a new CEO after the sudden departure of former boss Jette Nygaard-Andersen in 2023.
Nygaard-Andersen left in the wake of a £615m settlement to resolve a probe into alleged bribery at a former Turkish subsidiary.
The group reached an agreement with HMRC to settle an investigation into the group over activities at the Turkish-facing business that it sold in 2017.
Entain declined to comment when contacted by Accountancy Today.
