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Friday 07 January, 2022

Financial RepCouncil

MacIntyre Hudson audit of MRG Finance

RNS Number : 7584X
Financial Reporting Council
07 January 2022
 

Investigation regarding the audit of MRG Finance UK PLC by MacIntyre Hudson LLP

 

      7 January 2022

 

The Financial Reporting Council ("FRC") has commenced an investigation in relation to the audits conducted by MacIntyre Hudson LLP (trading as MHA MacIntyre Hudson) of the financial statements of MRG Finance UK plc for the years ended 31 December 2018 and 31 December 2019.

 

The decision was made at a meeting of the FRC's Conduct Committee on 9 November 2021.

 

The investigation will be conducted by the FRC's Enforcement Division under the Audit Enforcement Procedure.

 

MRG Finance UK plc is not subject to investigation by the FRC. 

 

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 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. 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.

In brief, the stages of the Audit Enforcement Procedure are: 

· Initial case examination and decision to investigate

· Investigation

· Decision by Executive Counsel as to whether to issue a Decision Notice (a notice with the findings and recommended sanction);

· Referral to Enforcement Committee and decision by the Enforcement Committee whether to issue a Decision Notice; and

· Referral to a Tribunal

· In order for a matter to be referred for investigation by the FRC's Executive Counsel under the Audit Enforcement Procedure, the FRC's Conduct Committee is required to decide whether there is good reason to investigate an Allegation in relation to a Statutory Auditor and/or a Statutory Audit Firm.

 

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: [email protected]

· William Boyack, Senior Communications Manager, on telephone: 020 7492 2307/ 07480 210166 or email: [email protected]

5.  If you no longer wish to receive press releases from the FRC please email [email protected]

 

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