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Frank Field pushes for FRC report on BHS audit

Frank Field, chair of the work and pensions select committee, has written to the Financial Reporting Council (FRC) urging it to publish its report on PwC’s audit of BHS.

“More than a month has now passed since Mr Justice Nicklin gave permission for the FRC to publish its report on PwC’s audit of BHS,” Field wrote to FRC chief executive Stephen Haddrill. “That investigation—the findings of which were accepted entirely by PwC—led to the levying of a record fine. But its contents have still not seen the light of day.

“In your letter of 12 July, you said that the FRC intended to publish the settlement documents “as soon as possible”. Nevertheless, more than three weeks later, there is still no firm date for publication.”

He urged Haddrill to provide details on the involvement BHS’s former owner, Taveta Investments, had in the process, and when the FRC expects to publish its report.

The Insolvency Service wrote to the select committee in July confirming that it would consider reopening its closed investigations into the former directors of BHS.

The report from the FRC is thought to be critical of Arcadia’s accountancy practices and sparked a legal battle with Taveta, which sought to block the publication of the full report.

Drapers has contacted Taveta for comment.

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