UK accounting watchdog undertakes investigation into Deloitte
Bengaluru — UK’s accounting watchdog said on Thursday that it had begun an investigation into Deloitte’s audit of two annual financial statements of SIG Plc and is focusing on the audit of cash and supplier rebates. The UK’s financial reporting council (FRC) said it was probing financial statements for the years ended December 31 2015 and 2016 at the distributor of specialist building products in Europe. SIG said in February that it was undergoing a review of its historic accounts after a whistle-blowing allegation of potential irregularities that led to the suspension of some staff for overstating profits over several years. SIG said then that its forensic review had revealed an overstatement for the year ended December 31 2016 and a further overstatement of up to £400,000 before 2016. It added it was working with Deloitte to ensure correct accounting. On January 9, it first disclosed an overstatement of cash of about £20m at the end of December 2016 and about £27m as of the end of...
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