The UK Financial Reporting Council (FRC) has confirmed that it has commenced investigations into the audits of London Capital & Finance (LCF).
The investigations will cover the audits for the one month period ended 30 April 2015 (carried out by Oliver Clive & Co.), the year ended 30 April 2016 (carried out by PwC) and the year ended 30 April 2017 (carried out by EY).
The probe will be conducted by the FRC’s Enforcement Division under the Audit Enforcement Procedure.
LCF collapsed 18 months ago after the Financial Conduct Authority froze its bank accounts and said its marketing of unregulated mini-bon...