FRC launches probe into Carillion finance directors

Aaron Morby 1 year ago
Share

The accounting watchdog has launched an investigation into potential misconduct by two former finance directors at Carillion.

Former Carillion finance directors Richard Adam (lef) and Zafar Khan are being investigated

The Financial Reporting Council confirmed today it had commenced an investigation into the conduct of Richard Adam and Zafar Khan, former group finance directors of Carillion.

Its investigation will focus on the preparation and approval of Carillion’s year-end statements for 2014, 2015 and 2016, and the six months ended 30 June 2017, as well as preparation and reporting of other financial information during the period 2014-2017 .

The investigation will be conducted under the Accountancy Scheme.

It has powers to prevent a finance director, who is a member of a professional association, from practising and impose significant fines against those found to have fallen significantly short of the standards reasonably to be expected or brought discredit to the accountancy profession.

This latest probe is in addition to an investigation under the audit enforcement procedure into the audit of the financial statements of Carillion by KPMG on 29 January 2018.

The Insolvency Service is already investigating the conduct of directors at the firm when the outsourcing giant collapsed, following a request from Government business secretary,Greg Clark.

The FRC said it was liaising closely with the Official Receiver, the Financial Conduct Authority, the Insolvency Service and The Pensions Regulator to ensure that there is a joined-up approach to the investigation of all matters arising from the collapse of Carillion.

Latest news

Giant ‘concreteberg’ blocks sewers in Islington

Work starts to chisel out 105 tonne blockage as hunt starts for culprits
2 hours ago

Lendlease chief jumps for Crown Estate top job

Dan Labbad to take Crown Estate chief executive role at start of 2020
2 hours ago

Race starts for £2bn YORcivil framework places

Eight firms to share £2bn pipeline over four years
1 hour ago

Green light for £150m Bolton Church Wharf regen plan

Muse approved to start demolition and work up details of scheme
2 hours ago

Wills Bros wins £31.5m Maybole Bypass in Scotland

5.2km bypass on A77 in south west Scotland will employ 165 workers at peak
2 hours ago

VINCI starts work on new £100m Birmingham hospital

Contractor gets underway on three-year build programme
5 days ago

Boost your online presence – join the Enquirer Directory

New site for suppliers and buyers showcases products, services and latest stories
12 months ago

Pay row set to escalate on HS2 enabling works site

Dispute set to intensify over rates paid by labour supplier
5 days ago

Four civils firms scoop £2.6bn flood and coastal framework

Kier breaks into Environment Agency preferred contractors list
5 days ago

Costain making engineers redundant at tech centre

Contractor cutting jobs at technology division it bought for £17m in 2016
5 days ago

Dozen firms win £500m City of London deal

Morgan Sindall, Osborne and Speller Metcalfe among winners
5 days ago

New £3m fund to improve construction procurement

Companies invited to bid for cash grants in CITB-led efficiency drive
5 days ago

Green light for vast Nottingham Boots Island scheme

Developer Conygar plans to build a 2m sq ft mixed-use scheme
5 days ago

Goldman Sachs bankrolls Brum’s tallest resi project

Builder Sisk can now start work on 42-storey Broad Street skyscraper
5 days ago

SME contractors agree 2.75% pay deal for workers

Annual pay increase will see hourly craft rates rise to £12.79
6 days ago

Lakehouse subbie goes after Sureserve for cash

Specialist wins adjudication award after contractor goes bust
6 days ago

Firms on alert for M4 Newport £185m enabling works

Bidders day planned ahead of July invitation to tender
6 days ago

Robertson hires Laing O’Rourke infrastructure ops director

Bryan Glass will head Robertson's civil engineering business in Scotland
6 days ago

Wates starts £24m Shoreham flood defence

Enabling works to pave way for 540-home Free Wharf scheme
6 days ago

£400m Eastern Highways Framework up for renewal

Essex County Council to invite bids for third generation framework in June
6 days ago

Countryside chief operating officer exits

Rebecca Worthington steps down as Countryside reports strong first half trading
6 days ago

Willmott Dixon chalks up £20m Liverpool nursing school

Liverpool John Moores University Tithebarn building and library to be extended and refurbished
6 days ago

Boy, 12, falls from scaffold ladder on poorly guarded site

Ten metre fall inflicts life-changing injuries on boy
7 days ago

Galliford Try profit warning sparks construction arm review

Firm warns profits will be £40m below forecasts after Queensferry Crossing hit
1 week ago

Morgan Sindall boosts north west leadership team

Growth drive sees new directors appointed in Manchester and Liverpool
1 week ago

Walter Lilly wins £55m London medical HQ project

Renew Group building specialist signs preconstruction services agreement
1 week ago

Autumn start for Mount Anvil’s largest ever scheme

Green light for 800-home Royal Eden Docks scheme in East London
1 week ago

Laing O’Rourke strategy boss joins Royal BAM

Simon Finnie steered strategy at Laing O'Rourke and Kier over six years
1 week ago

New Structure Tone division lands first major deal

Detail & Build team bags fit-out for new owners of Heron House
1 week ago

New Kier chief sets out to streamline £4bn group

Andrew Davies launches strategic review to simplify business and improve cash flow
1 week ago

Contractor services