NASDAQ:SEGG

Stock Market Today

  • BDO Fined £1.3m for Audit Failings in NMCN Case
    May 28, 2026, 7:33 AM EDT. The Financial Reporting Council (FRC) fined BDO £1.3 million for serious breaches in its 2019 audit of construction group NMCN, citing failures in verifying contract profits, assets, and going concern assumptions amid Covid-19. Former partner Geraint Jones was fined £49,875 and reprimanded. The audit overlooked £180 million of contract revenue and inadequately assessed the company's ability to trade for 12 months. NMCN entered administration in 2021 after financial struggles. The FRC noted BDO's cooperation reduced the fine and acknowledged no evidence of dishonesty or misstatements. BDO has since updated its audit approach for long-term infrastructure contracts.