15th Jul 2020 11:39
(Alliance News) - The UK Financial Reporting Council on Wednesday said it has closed its accountancy investigation into Mitie Group PLC in relation to the preparation and approval of its results for financial 2016.
The regulatory body said that following a detailed review of the evidence in relation to the results for the year ended March 31, 2016, its executive counsel has decided that the evidential test for bringing enforcement action has not been met. Therefore, the case has been closed.
It said however, that its investigation into Deloitte LLP's audit of Mitie's financial statements for financial 2015 and financial 2016 remains ongoing.
The UK FRC began its investigation in November 2017 after the facilities management firm warned in September 2016 that its profits in that year would be materially below expectations due to pricing and cost pressures, followed by another warning the following year that it may have to restate the 2016 accounts due to material errors.
Share in Mitie were trading 0.7% higher at 44.19 pence each on Wednesday morning in London.
By Ife Taiwo; [email protected]
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