Photo via BBC Sport

Audit regulator looking into Manchester City accounting

The UK’s Financial Reporting Council (FRC) has taken over an investigation into Manchester City’s financial practices, following the club’s conviction by an independent commission for systematically breaching Premier League financial rules over a decade. The FRC confirmed it is now leading the inquiry, which began after the club was found guilty of artificially inflating its reported finances by over £900 million between the 2009-10 and 2017-18 seasons.

City, which have appealed the decision, argue the ruling contains errors in law, principle, and fact. The FRC’s involvement marks a shift from the Institute of Chartered Accountants in England and Wales, which initially handled the case, and grants the regulator broader powers to scrutinize the club’s auditors, BDO, as well as potential sanctions against directors or employees tied to professional accountancy bodies.

The inquiry also highlights gaps in regulatory oversight, as the FRC typically monitors listed companies but not football clubs, prompting calls from lawmakers for stronger enforcement mechanisms to address similar cases in the future.

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