REG - Financial RepCouncil - Investigation regarding four audits by King & King
04/05/2022 08:15
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RNS Number : 2507K Financial Reporting Council 04 May 2022
Investigation regarding four audits by King & King
4 May 2022
This Press Notice concerns the opening of an investigation into the relevant
Statutory Auditor(s). The investigation does not relate to any persons other
than the relevant Statutory Auditor(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 Financial Reporting Council ("FRC") has commenced four investigations in
relation to the statutory audits by King & King of:
- the consolidated financial statements of Liberty Speciality Steels
Limited for the year ended 31 March 2019;
- the financial statements of Alvance British Aluminium Limited
(formerly Liberty Aluminium Lochaber Ltd) for the year ended 31 March 2019;
- the financial statements of Liberty Steel Newport Limited for the
year ended 31 March 2019; and
- the financial statements of Liberty Performance Steels Limited for
the year ended 31 March 2020.
The decisions were made at a meeting of the FRC's Conduct Committee on 22
February 2022.
The investigations will be conducted by the FRC's Enforcement Division under
the Audit Enforcement Procedure.
Notes to editors:
1. The FRC's purpose is to serve the public interest by setting
high standards of corporate governance, reporting and audit and by holding to
account those responsible for delivering them. The FRC sets the UK Corporate
Governance and Stewardship Codes and UK standards for accounting and actuarial
work; monitors and takes action to promote the quality of corporate reporting;
and operates independent enforcement arrangements for accountants and
actuaries. As the competent authority for audit in the UK the FRC sets
auditing and ethical standards and monitors and enforces audit quality.
2. Past FRC Enforcement Outcomes
(https://www.frc.org.uk/getattachment/bf5523d7-1329-4b58-8d13-091e8ee7cc74/Enforcement-sanctions-imposed-against-Audit-firms-and-Audit-partners-03-09-2021.pdf)
can be found here.
3. To meet its responsibility as the competent authority in
respect of audit enforcement, the FRC operates the Audit Enforcement Procedure
(https://www.frc.org.uk/getattachment/26e687a9-05a1-47bd-861d-497b22678c24/FRC-Audit-Enforcement-Procedure_January-2022.pdf)
. This procedure applies to the investigation and sanctioning of breaches of
the various requirements of the statutory auditors of Public Interest Entities
(PIEs) and any other cases retained by the FRC including AIM companies with a
market capitalisation in excess of €200m. The procedure also applies to
matters that have been reclaimed from a Regulatory Supervisory Body by the
FRC.
Investigations are usually conducted by Executive Counsel and the Enforcement
division. The FRC's Conduct Committee may direct that the investigation is
delegated to a Recognised Supervisory Body (RSB) which will provide an
investigation report to the Executive Counsel so that (s)he may decide whether
to issue a Decision Notice.
4. All media enquiries should be directed to the FRC
communications team:
· Kate O'Neill, Director of Stakeholder Engagement and Corporate
Affairs, on telephone 07714415229 or email: k.oneill@frc.org.uk.
· William Boyack, Communications Manager, on telephone: 020 7492 2307/
07480 210166 or email: w.boyack@frc.org.uk.
5. If you no longer wish to receive press releases from the FRC
please email unsubscribe@frc.org.uk.
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