The FRC has disclosed this week that it is investigating the audit by MacIntyre Hudson LLP of the consolidated financial statements of ISG Limited for the year ended 31st December 2022.
ISG collapsed with debts of around £1bn in September 2024. It 2023 accounts were overdue and never published.
The decision to investigate the audit of ISG’s 2022 accounts was made at a meeting of the FRC’s conduct committee on 21st January 2025 but was only made public yesterday.
“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,” the FRC said.
The investigation will be conducted by the FRC’s enforcement division under the audit enforcement procedure.
A spokesman for Macintyre Hudson, otherwise known as MHA, said: “MHA is committed to audit quality and we will be co-operating fully with the FRC as part of this investigation.”
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