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FRC launches investigations into Eddie Stobart’s audits

Tuesday 26th May, 2020

The Financial Reporting Council (FRC) has opened an investigation into the audits of Eddie Stobart Logistics plc carried out by KPMG and PwC.

Eddie Stobart one of the UK’s most well-known logistics company found a £2m accounting error in its 2018 accounts, after an investigation last year.

The logistics firm nearly fell into administration before agreeing a rescue package with DBay Advisors last December.

In December 2018 Eddie Stobart changed auditors to PwC after KPMG resigned from the role due an alleged breakdown in the relationship between the firms.

The FRC sets auditing and ethical standards and monitors and enforces audit quality.

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