Wickes comes under further accounting investigation

The Financial Reporting Review Panel is conducting its own investigation into the accounting practices at DIY-retailer Wickes.

Accountancy Age has learnt that the powerful accounts watchdog has been looking at the fraud-riddled company’s financial statements since the summer.

A FRRP spokeswoman, however, refused to confirm or deny that the panel was looking at Wickes. She said that ‘all matters before the Review Panel were treated in strict confidence’ unless a formal report was published.

This latest twist follows the news last week that the English ICA has been holding a separate investigation into the role of auditor Arthur Andersen. If the institute believes that there is a case to answer, it will refer the firm to the JDS.

Andersens is to resign its audit contract once it has helped Wickes to refile its 1995 accounts which were withdrawn when the fraud came to light earlier this year.