The United Kingdom’s Financial Reporting Council said Thursday that it has opened an investigation into whether KPMG’s audit firm in the U.K. was independent when it conducted audits of automobile dealer Pendragon PLC, and a separate investigation of a partner's holdings in a client's company.
In a brief statement, the U.K. standard-setter said the FRC has “launched an investigation under the Accountancy Scheme into whether KPMG Audit Plc was independent when it conducted the audits of Pendragon PLC’s financial statements for the years ended 31 December 2010 and 2011.” The FRC’s decision to initiate an investigation was taken following a consultation with the Institute of Chartered Accountants in England and Wales.
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