UK FRC Initiates Probes into Accountant, Prax Group Audits

Skip to main content Home News and events News Investigations into the conduct of an individual accountant and regarding the audits of State Oil Limited (part of the Prax Group) News types: Investigations Published: 11 September 2026 This press notice concerns the opening of investigations into one or more specific individual(s) and the named Statutory Audit Firm(s). It would not be correct or fair to treat any part of this announcement as constituting or evidencing an investigation into any other persons or entities. The opening of an investigation does not indicate that the Financial Reporting Council (FRC) has made, or will make, any findings of breach of Relevant Requirements or Misconduct [1] . The FRC has commenced investigations into the following: The decisions to open the investigations were made at a meeting of the FRC’s Conduct Committee on 21 July 2026. The investigations will be conducted by the FRC’s Executive Counsel. Defined terms in this press notice refer to terms defined in the FRC’s Audit Enforcement Procedure or in the FRC’s Accountancy Scheme, as relevant. ‘Relevant Requirements’ are defined in the Audit Enforcement Procedure, and ‘Misconduct’ is defined in the Accountancy Scheme. The Accountancy Scheme provides for the investigation by the FRC into the conduct of Members and Member Firms of the following professional bodies for accountants: Institute of Chartered Accountants in England and Wales (ICAEW), Chartered Institute of Management Accountants (CIMA), Chartered Institute of Public Finance and Accountancy (CIPFA), Institute of Chartered Accountants in Ireland (ICAI), Association of Chartered Certified Accountants (ACCA), and Institute of Chartered Accountants of Scotland (ICAS). Further information about the Accountancy Scheme can be found at https://www.frc.org.uk/library/enforcement/accountancy-scheme/ .