{"id":8203,"date":"2025-01-23T13:23:52","date_gmt":"2025-01-23T13:23:52","guid":{"rendered":"https:\/\/sbceurasia.com\/en\/?p=8203"},"modified":"2025-01-23T13:23:57","modified_gmt":"2025-01-23T13:23:57","slug":"kpmg-under-investigation-by-uk-regulators-over-entain-audit","status":"publish","type":"post","link":"https:\/\/sbceurasia.com\/en\/2025\/01\/23\/kpmg-under-investigation-by-uk-regulators-over-entain-audit\/","title":{"rendered":"KPMG Under Investigation by UK Regulators Over Entain Audit"},"content":{"rendered":"\n<p>The UK\u2019s <strong>Financial Reporting Council <\/strong>(FRC) has issued a press notice informing of an investigation into <strong>KMPG<\/strong> over its auditing of <strong>Entain<\/strong> accounts.&nbsp;<\/p>\n\n\n\n<p>Conducted by the FRC\u2019s Enforcement Division under the Audit Enforcement Procedure, the investigation refers to the audit of the FTSE 100 gambling group\u2019s consolidated financial statements ending 2022.&nbsp;<\/p>\n\n\n\n<p>A KPMG spokesperson commented: \u201cWe will cooperate fully with the FRC to conclude this matter as quickly as possible.\u201d<\/p>\n\n\n\n<p>While no details were given as to the exact reasoning behind the investigation, a notorious settlement with <strong>HM Revenue and Customs<\/strong> involving Entain took place in close proximity to the specified period.&nbsp;<\/p>\n\n\n\n<p>In 2023, the operator of brands like Ladbrokes and Coral paid \u00a3615m in a settlement case that revolved around alleged Bribery Act shortcomings connected to its former Turkey-facing online betting and gaming venture <strong>Headlong Limited.<\/strong><\/p>\n\n\n\n<p>An HMRC investigation was launched <strong>in 2019 <\/strong>against the entity owned by Entain (then <strong>GVC<\/strong>) <strong>between 2011 and 2017 <\/strong>on the basis of \u201cpotential corporate offending\u201d, resulting in an accusation that Entain was missing the required procedures to prevent bribes and corruption practices.&nbsp;<\/p>\n\n\n\n<p>At the end of 2023, the <strong>Crown Prosecution Service<\/strong> (CPS) granted Entain a deferred prosecution agreement (DPA), which is a voluntary agreement between a commercial entity and a prosecutor that allows the former to avoid prosecution for economic crimes under certain conditions.<\/p>\n\n\n\n<p>In this case, the conditions were a financial penalty totalling \u00a3585m, a charitable donation of \u00a320m, as well as covering CPS and HMRC costs with a \u00a310m contribution.&nbsp;<\/p>\n\n\n\n<p><strong>Barry Gibson<\/strong>, Chair of Entain at the time, then commented: \u201cThis legacy matter concerns a business which was sold by a former management team six years ago. The group has changed immeasurably since these events took place.\u201d<\/p>\n\n\n\n<p>Interestingly, last year Entain sued the former owners of Dutch online casino <strong>BetCity<\/strong> for an allegedly fraudulent acquisition deal that also took place in 2022.&nbsp;<\/p>\n\n\n\n<p>Don&#8217;t forget to subscribe to our <a href=\"https:\/\/t.me\/sbceurasia\">Telegram channel<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The UK\u2019s Financial Reporting Council (FRC) has issued a press notice informing of an investigation into KMPG over its auditing of Entain accounts.&nbsp; Conducted by the FRC\u2019s Enforcement Division under the Audit Enforcement Procedure, the investigation refers to the audit of the FTSE 100 gambling group\u2019s consolidated financial statements ending 2022.&nbsp; A KPMG spokesperson commented: [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":7230,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","footnotes":""},"categories":[1,24],"tags":[2350,1271,8814,5932,6056,324,11223,11225,4377,6520,11222,5931,11224,405],"class_list":{"0":"post-8203","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","6":"hentry","7":"category-news","8":"category-regulations","9":"tag-barry-gibson","10":"tag-betcity","11":"tag-coral","12":"tag-cps","14":"tag-entain","15":"tag-financial-reporting-council","16":"tag-frc","17":"tag-gvc","18":"tag-headlong-limited","19":"tag-hm-revenue-and-customs","20":"tag-hmrc","21":"tag-kmpg","22":"tag-ladbrokes"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - 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