The Financial Reporting Council (FRC) has announced that it will be looking into the audit of construction services group Mitie as part of a new investigation.
The investigation relates to the preparation and approval of the financial statements for Mitie Group for the year ended 31 March 2016.
The FRC also stated that it had concluded a separate investigation into the preparation of Mitie’s 2016 annual report and that its “concerns have been satisfactorily addressed”.
The new investigation is in relation to the preparation and approval of Mitie’s 2016 accounts. This follows a series of profit warnings by the group. The FRC did not specify who it was investigating in connection with Mitie’s 2016 accounts.
Mitie, which provides a number of construction-related services, said the new investigation did not relate to current directors or former non-executive directors.
Mitie has released a statement stating that the investigation is not into the company itself.
It said: “We can confirm that this investigation is not into Mitie itself and that Mitie is not the subject of any new FRC investigation. We can further confirm that the investigation does not relate to any current directors of Mitie, any former non-executive directors of Mitie or Sandip Mahajan [who recently stepped down from his role as Group CFO].”
