Yesterday, the UK Financial Reporting Council (FRC) launched an investigation into KPMG over its audit work for FTSE 100 gambling group Entain, as reported by the Financial Times.
Entain was fined £615 million in 2023 under a deferred prosecution agreement, which followed a years-long investigation into allegations of bribery at its Turkish unit from 2011 to 2017. While KPMG has served as Entain's auditor since 2018, the FRC will probe its audit of the firm's 2022 accounts in particular. The FRC did not specify which aspects of the audit were being investigated.
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