Regulator opens triple probe into Prax Group’s oil audits

The Financial Reporting Council (FRC) has launched three separate investigations regarding the auditing of the collapsed UK energy challenger Prax Group. The regulator is probing the financial oversight of State Oil, the parent company of Prax. These probes specifically include an examination of Big Four firm KPMG's audits for the fiscal years ending 28 February 2022. Additionally, PKF Littlejohn and an unnamed individual are facing scrutiny as part of the FRC's wider regulatory action.