BDO fined £1.4m for ‘numerous and pervasive’ audit failings

BDO and long-time partner fined £1,379,875 for ‘significant and serious’ breaches in audit work for now liquidated NMCN, with problems on going concern, revenue recognition and control sampling

The Financial Reporting Council (FRC) has fined BDO LLP and audit engagement partner at the firm, Geraint Jones, for ‘numerous and pervasive breaches’ in relation to work on the statutory audit of the financial statements of listed NMCN plc for the financial year ended 31 December 2019.

BDO was auditor of the construction and consultancy service group NMCN since 2010 and these specific penalties related to the annual audit a year before the company went bust in October 2021.

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