Deloitte audit probed

THE UK’s accounting watchdog has launched an investigation into Deloitte’s audit of building materials supplier SIG.

FTSE 250- listed SIG revealed a string of accounting irregularities and misstated profits earlier this year after a forensic review.

The Financial Reporting Council will now focus on accounting giant Deloitte’s audit of cash and supplier rebates, for 2015 and 2016.

Earlier this year, the FRC announced it was taking Deloitte to a tribunal over alleged failings surrounding IT company autonomy’s accounting.

The auditor has been under intense scrutiny following the collapse of a number of high- profile firms, such as BHS.