FCA Launches Probe Into M&C Saatchi’s Accounting Practices
Law360, London (January 31, 2020, 1:05 PM GMT) -- M&C Saatchi PLC admitted Friday that it is under investigation by the Financial Conduct Authority after the advertising group announced accounting problems in the summer and said it would have to adjust its 2018 and 2019 financial results.
M&C Saatchi said the watchdog has begun a probe into its accounting after the advertising agency said in December that it will have to revise its results by £11.6 million ($15.2 million). This includes changing some overstatements of profit and adjusting some understatements of costs.
The revelation came after the group — founded in 1995 by brothers Maurice and Charles Saatchi — hired...
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