The UK’s accounting watchdog has launched an investigation into an accountant at Thurrock council after the Conservative-run local authority’s failed investment spree landed it in effective bankruptcy.
The Financial Reporting Council (FRC) said its move related to an individual’s compliance with governance, reporting, regulations and professional standards at the Essex council over its operations and investment activities between March 2018 and March 2022.
It is understood the investigation concerns a former council official who is a member of a professional accountancy body, rather than an external auditor. The FRC did not name the person.
Thurrock declared itself in effect bankrupt in December 2022 after running up a deficit of…
