Watchdog probes KPMG over Wood Group auditPhoto by Vuk Valcic/SOPA Images/LightRocket via Getty ImagesThe audit watchdog has opened an investigation into Big Four giant KPMG and two accountants over the accounts belonging to engineering and consulting firm John Wood Group. The Financial Reporting Council (FRC) revealed on Thursday that it officially launched two separate regulatory investigations concerning the financial reporting and statutory auditing of the former London-listed group. News of Wood Group’s inaccuracies in financial reporting broke in November 2024, with the firm’s stock sinking over 70 per cent since then to around 28p. KPMG also in the hot seatNow it, along with its audit firm, KPMG, faces a probe by the FRC after the conduct committee green-lit the investigation last month. The FRC is also investigating KPMG regarding its statutory audit of the group’s consolidated financial statements for the 2023 financial year.