Major property firm’s accountants face FRC investigation after £165m accounting error
Original Article Summary
The Financial Reporting Council (FRC) has started an investigation under the Accountancy Scheme into the conduct of accountants at the company
PropMatch Curated Analysis
The FRC is investigating two former Vistry Group accountants following £165m in cost overruns initially underestimated by 10% across the housebuilder's South Division partnerships projects.
Investor Relevance
Highlights due diligence risks when partnering with or purchasing from major developers, demonstrates importance of independent cost verification, and shows regulatory scrutiny is increasing in the development sector.
Original Source:
Property Industry EyeStay Updated
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