FRC investigating BDO's audit of collapsed construction group NMCN

The Financial Reporting Council announced on Thursday that it has begun an investigation relating to BDO's audit of construction company NMCN.

The audit relates to the group’s consolidated financial statements for the year to the end of December 2019.

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

The investigation will be conducted by the audit watchdog's Enforcement Division under the Audit Enforcement Procedure.

NMCN fell into administration earlier in the month after a planned refinancing of the business collapsed. The rescue deal had been dependent on it being able to file delayed 2020 accounts.