Britain’s accountancy watchdog has opened an investigation into KPMG’s audit of the accounts of aero-engine maker Rolls-Royce. The Financial Reporting Council (FRC) will probe the accountancy giant’s oversight of Rolls-Royce’s financial statements covering four years. It follows Rolls-Royce’s settlement of £671m with the Serious Fraud Office in January over corruption allegations. KPMG said it was … Read more
A bribery settlement and the fall in the pound have pushed engineering giant Rolls-Royce to a record loss. The jet engine maker reported a loss before tax of £4.6bn for 2016. Earlier this year, the company agreed to pay £671m to settle corruption cases with UK and US authorities. As most aerospace deals are done … Read more
British engineering giant Rolls-Royce will pay £671m to settle corruption cases with UK and US authorities. The UK’s Serious Fraud Office (SFO) found conspiracy to corrupt or failure to prevent bribery by Rolls-Royce in China, India and other markets. The firm apologised “unreservedly” for the cases spanning nearly 25 years. A UK court ruled the … Read more