Gupta owned steel businesses face audit probe

The Financial Reporting Council (FRC) has opened an investigation into the audits of four companies in the GFG Alliance group by King & King

The investigation will focus on the chartered accountancy firm’s statutory audits of four companies founded by metals tycoon Sanjeev Gupta.

The FRC investigators will focus on the financial statements of Liberty Speciality Steels Ltd and Alvance British Aluminium Ltd, formerly Liberty Aluminium Lochaber Ltd, both for the year end March 2019.

The regulator has also launched probes into the audits of Liberty Steel Newport Ltd for the year end March 2019, and for Liberty Performance Steels Ltd for the year end March 2020.

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