The Financial Reporting Council (FRC) has announced it is closing an investigation into KPMG over an audit the accountancy firm conducted of betting company, Entain.

The audit under investigation covered the annual consolidated financial statements of Entain in 2022.

In January last year, the FRC announced it was opening an investigation into Entain, which owns brands including Coral and Ladbrokes, following a decision by the FRC’s Conduct Committee in November 2024.

At the time, a KPMG spokesperson said: “We will cooperate fully with the FRC to conclude this matter as quickly as possible.”

However, having reviewed the evidence obtained in the investigation, and having considered all relevant factors, the FRC has today confirmed that its Executive Counsel has decided not to bring enforcement action.

“Executive Counsel has decided that the respondents to the investigation should no longer be liable for enforcement action,” the regulator said in a statement. “Accordingly, the case has been closed.”

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