The Financial Reporting Council (FRC) has begun an investigation into KPMG regarding its audit of the 2022 financial statements of Entain.
In a statement on its website, the FRC noted that the decision to investigate was made during a Conduct Committee meeting last November and that the investigation will be carried out by its Enforcement Division under the Audit Enforcement Procedure.
The FRC statement reads as follows:
“This Press Notice concerns the opening of an investigation into one or more Statutory Auditor(s) and/or Statutory Audit Firm(s)1. The investigation does not relate to any persons or entities other than the relevant Statutory Auditor(s) and/or Statutory Audit Firm(s) and it would not be fair to treat any part of this announcement as constituting or evidencing an investigation into any other persons or entities.
“The Financial Reporting Council (“FRC”) has commenced an investigation in relation to the audit conducted by KPMG LLP of the consolidated financial statements of Entain plc for the year ended 31 December 2022.
“The decision was made at a meeting of the FRC’s Conduct Committee on 21 November 2024.
“The investigation will be conducted by the FRC’s Enforcement Division under the Audit Enforcement Procedure.”
Commenting on the investigation, a KPMG UK spokesperson said: “We will cooperate fully with the FRC to conclude this matter as quickly as possible.”
Entain declined to comment on the investigation.
