UK Watchdog Investigates KPMG Over Wood Group Audit
The UK Financial Reporting Council (FRC) has launched two separate investigations into Big Four firm KPMG and two accountants concerning the financial reporting and statutory audit of John Wood Group, an engineering and consulting firm formerly listed in London. The probe covers the preparation and communication of financial information in Wood Group's 'project business unit' for 2022, 2023, and 2024, as well as KPMG's audit of the group's 2023 consolidated financial statements. Wood Group was fined nearly £13 million by the Financial Conduct Authority (FCA) in March for misleading financial results and failing to maintain proper market controls. The company's shares plunged over 70% in November 2024 after the financial misreporting was revealed. Wood Group was acquired by Dubai-based Sidara in March and delisted from the London Stock Exchange less than a year after its listing. The FRC has also recently opened other investigations, including into alleged financial misreporting at Battersea Power Station and the collapsed lender Market Financial Solutions.
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