Financial Reporting Council Industry Regulator Statement (4997J)
June 29 2017 - 1:00AM
UK Regulatory
TIDMBT.A
RNS Number : 4997J
Financial Reporting Council
29 June 2017
Investigation opened into the audit of the financial statements
of BT Group plc
PN 29/17 29 June 2017
Following completion of initial enquiries, the Financial
Reporting Council (FRC) has commenced an investigation under the
Audit Enforcement Procedure into the audits by
PricewaterhouseCoopers LLP of the consolidated financial statements
of BT Group plc (BT) for the years ended 31 March 2015 to 2017
inclusive.
The decision to investigate follows announcements by BT in
relation to accounting issues in its Italian operations.
Notes to editors:
1. The Financial Reporting Council (FRC) is
the UK's independent regulator responsible for
promoting high quality corporate governance
and reporting to foster investment. 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. 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 EUR200m. 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 conducted by Executive Counsel
and the Enforcement division.
3. All Press enquiries should be directed to:
* Peter Timberlake, Head of Communications, on
telephone: 020 7492 2397/ 07768 502332, or email:
p.timberlake@frc.org.uk.
* Rita Carolan, Communications Manager, on telephone:
020 7492 2307/ 07428 149096 or email:
r.carolan@frc.org.uk.
* Alana Sinnen, Communications Manager, on telephone:
020 7492 2395/ 07949 005526 or email:
a.sinnen@frc.org.uk.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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