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KPMG, Grant Thornton Probed in U.K. for Advisory, Audit Work

Nov. 23, 2018, 6:14 PM

The U.K. accounting regulator is tightening its scrutiny of the audit and consulting work that accounting firms do for mid-sized companies, with both KPMG LLP and Grant Thornton U.K. LLP facing disciplinary action over their smaller-company work.

The Financial Reporting Council said Nov. 22 that it is launching an investigation into KPMG’s role in advising Silentnight, a mattress maker from Lancashire with 2017 revenue of 150 million pounds ($192 million).

The FRC on Nov. 21 announced a formal investigation into Grant Thornton’s auditing of Patisserie Valerie, a pastry chain with revenue of 114 million pounds last year.

The FRC made ...

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