Yet another investigation into KPMG’s audit work

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KPMG is facing an investigation by the accounting watchdog over its work auditing the accounts of troubled AIM-listed insurer Quindell, according to accountancyage.com.

It says the Financial Reporting Council (FRC) inquiry was confirmed hours after Quindell revealed it had plunged to a £68m loss last year as it slashed the value of reported net assets by £600m as a result of a series of restatements relating to historic accounting errors.

Along with KMPG, the FRC is investigating Tenon Audit Limited – acquired by Baker Tilly when it bought RSM Tenon is a pre-pack administration – for the preparation of Quindell’s 2014 half year interims.

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