Accountancy firm under investigation over nmcn audit

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The Financial Reporting Council (FRC) has launched an investigation into accountancy firm BDO in relation an audit it carried out at a collapsed Nottinghamshire civils contractor.

The FRC says it is looking into the audit conducted by BDO for nmcn’s December 31 2019 year end results.

The decision was made at a meeting of the FRC’s Conduct Committee on 14 September.

nmcn collapsed into administration earlier this month after it failed to produce annual results for 2020 that would’ve brought forward a rescue package.

Most of the firm has subsequently been sold off with the vast majority of jobs saved, however around 80 people were made redundant and unsecured creditors face a £60m black hole.