EPL: FRC takes over inquiries into Man City accounting irregularities- Report

The Financial Reporting Council (FRC) has taken over the regulatory consideration of accounting irregularities at Manchester City, following an independent commission's findings that the club breached Premier League financial regulations between 2009-10 and 2017-18. The commission concluded that City artificially inflated its financial position by over £900 million, a verdict City is appealing, claiming it contains "material errors of law, principle and fact and is unsafe."

The FRC, which has greater resources and powers than the previous regulator, can examine whether BDO, Manchester City's auditors, conducted the audits in line with the rules and can also apply sanctions to individuals, such as directors or employees who are members of professional accountancy bodies. This development has raised questions about the FRC's powers to compel evidence from the club and pursue directors who fall outside its disciplinary rules, as highlighted by the chair of the business select committee, Liam Byrne.

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