The Financial Reporting Council said on Thursday that it has closed a probe into ‘Big Four’ accounting firm KPMG related to its audit of Entain.

The regulator announced in January last year that it was investigating KPMG’s audit of Entain’s financial statements for the year ended 31 December 2022.

The FRC did not say at the time what the investigation was about, only that it was examining the conduct of KPMG.

News of the investigation came after Ladbrokes owner Entain agreed in 2023 to pay a £585m penalty under a deferred prosecution agreement with the UK’s Crown Prosecution Service for alleged bribery offences at its former Turkish unit.

The FRC said in a statement on Thursday: “Having reviewed the evidence obtained in the investigation, and having considered all relevant factors, the FRC’s Executive Counsel has decided not to bring enforcement action.”