Eddie Stobart Logistics PLC auditors face regulatory probe


ESL was saved from going bust in December by a last-ditch cash injection of £55mln from shareholder and financier DBay Advisers.

KPMG and PWC, two of the UK’s big four accountancy firms, are facing a regulatory probe into the audit of troubled trucking firm ().

ESL was saved from going bust in December by a last-ditch cash injection of £55mln from shareholder and financier DBay Advisers.

Prior to that, shares in the AIM-listed group were suspended in August after a £2mln black hole was found in its accounts alongside issues relating to how it recognised revenues.

KPMG is being investigated for its audit of the firm in the year to end November 2017 and PWC for the following twelve-month period.

The probes will be carried out by the enforcement division of the Financial Reporting Council, which is the trade body for the accountancy industry in the UK.

ESL was valued at £269mln before its suspension but is now worth just £30.7mln following the resumption of trading in the shares in February.



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