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The FRC has opened an investigation into the statutory audit of Home REIT plc by BDO LLP for the year ended 31 August 2021.
The decision to commence the investigation was made at a meeting of the FRC’s Conduct Committee on 17 December 2024.
The council has said that investigation will be conducted by the FRC’s Enforcement Division under the Audit Enforcement Procedure.
In a press notice on its website the FRC said: “The investigation does not relate to any persons or entities other than the relevant Statutory Auditor(s) and/or Statutory Audit Firm(s) and it would not be fair to treat any part of this announcement as constituting or evidencing an investigation into any other persons or entities.”
Home REIT published its 2023 results on 4 April, stating that they were delayed due to the FY22 result publication delay and its impact on subsequent accounts.
The property company also said that while preparing the financial statements a number of judgements/assumptions have to be made by the directors.
In the official results, the company said: “The company intends to bring legal proceedings against those parties it considers are responsible for wrongdoing. The company has issued a pre-action letter of claim to Alvarium Home REIT Advisors Limited (in liquidation), its former investment adviser.
“The company intends to bring legal proceedings against those parties it considers are responsible for wrongdoing. The company has issued a pre-action letter of claim to Alvarium Home REIT Advisors Limited (in liquidation), its former investment adviser.”
