Regulator probes KPMG, PwC audits of Eddie Stobart

The UK’s audit watchdog the Financial Reporting Council (FRC) said on Tuesday it has started two investigations into the audits of Warrington-based Eddie Stobart Logistics plc for the years ended November 30, 2017 by KPMG and November 30, 2018 by PwC.   
“The investigations will be conducted by the FRC’s Enforcement Division under the Audit Enforcement Procedure,” said the audit watchdog.

KPMG said: “We will co-operate fully with the FRC to conclude this matter as quickly as possible.”

PwC said: “We will co-operate fully with the FRC in this investigation.

“We are committed to delivering consistently high-quality audits and in June 2019 we introduced a major ongoing programme to enhance audit quality across the firm.”