An investigation has been launched into the accountants of collapsed construction giant ISG.
The Financial Reporting Council (FRC) is currently investigating an audit carried out by chartered accountants, MacIntyre Hudson, of the financial statements of ISG Limited for the year to 31 December 2022.
The FRC is an independent regulator of auditors, accountants and actuaries in the UK and Ireland, set up to promote transparency and integrity in business.
The business watchdog said the investigation will be conducted by its own Enforcement Division.
ISG collapsed into administration in September last year.
Originally called Stanhope Interiors and founded in 1989, ISG was formed through a management buyout from London developer Stanhope, led by David King, who served as CEO until 2006.
Throughout the 2000s, ISG expanded across Europe, Asia, and Africa, while buying up companies like Pearse, Commtech and Realys Group along the way and delivering the Olympic Velodrome.
Before it went under, ISG had grown to become one of the leading contractors in the UK, generating turnover of more than £2 billion.
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