The quick decision by the Financial Reporting Council to launch investigations into three audit firms hired by MFS for various audits and connected companies reveals the level of concern with allegations of fraud at the business and worldwide freezing orders issued.

The firms under investigation are Magus Chartered Accountants, Berkeley Finch Limited and Silver Levene (UK) Limited (now part of private equity backed Xeinadin group).

The scope of the FRC investigation is wide-reaching, from three audit firms to the conduct of an individual accountant, who worked at one of the firms providing services to MFS and its web of businesses.