Drax Group: KPMG
The question
To ask the Secretary of State for Business and Trade, whether his Department has referred to the Financial Reporting Council the conduct of KPMG in relation to its reviews of Drax Group plc’s biomass sustainability reporting and the treatment of those findings in the company’s annual reports.
Answered by Blair McDougall
The Financial Reporting Council (FRC) has been in dialogue with other regulators including the Financial Conduct Authority and Ofgem regarding KPMG’s work in relation to Drax’s biomass sustainability reporting. As KPMG’s work for Drax was undertaken as an advisory review rather than as statutory audit work, this does not fall within the FRC’s statutory audit regulatory remit. The FRC continues to monitor this case and will consider any further relevant information.
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