KPMG Audit Plc, ICAEW and CIMA Members Under Probe
The Accountancy and Actuarial Discipline Board (AADB) of the FRC has launched an investigation under its Accountancy Scheme into the conduct of ICAEW and CIMA Members and of KPMG Audit plc, auditors of Lloyds Syndicate 218 which trades as Equity Red Star.
The managing agent of Equity Red Star is Equity Syndicate Management Limited, which is also a corporate member of the Syndicate.
The scope of the investigation covers the conduct of members and member firms in relation to the preparation and audit of Equity Red Star Motor Syndicate 218 Report and Accounts for the years ended 31 December 2007, 2008 and 2009 with particular reference to technical provisions.
The AADB’s decision to initiate an investigation was taken following consultation with the ICAEW and CIMA.
The AADB is independent of the professions it disciplines and operates in the public interest.