The investigation into the audit of the building contractor was decided at a meeting of the FRC’s conduct committee on 14 September 2021. The full investigation will be conducted by the FRC’s enforcement division under the audit enforcement procedure.

The decision to investigate the audits came before the company announced that it had fallen into administration on 4 October 2021. NMCN, which is widely known as North Midland Construction, appointed Grant Thornton as its administrators after it had repeatedly failed to meet a series of deadlines to file its 2020 accounts on which a financing deal hung.