Accountancy firm Deloitte was today facing an inquiry into its role as auditor and adviser to the collapsed car maker MG Rover.
The Accountancy Investigation & Discipline Board (AIDB) said it would focus initially on the audits of the 2003 accounts of MG Rover Group and its ultimate
parent company, Phoenix Venture Holdings.
Deloitte said it was disappointed by the announcement from the AIDB today but said it would fully cooperate with the investigation.
The car maker's collapse is the subject of a separate investigation after the Government appointed inspectors to look into the affairs of MG Rover and
Phoenix.
The Birmingham-based firm went into administration in April with the loss of over 5,500 jobs.
The AIDB, which is the chief accountancy regulator, said its decision to investigate the conduct of Deloitte was taken following consultation with the
Institute of Chartered Accountants for England and Wales.
