Deloitte LLP faces a probe by the U.K.s accounting regulator into its audits of financial statements by

Lookers Plc.

The Financial Reporting Council on Friday said its enforcement division will investigate the audits for the years 2017 and 2018.

The probe comes amid criticism the Big Four accounting firms have been facing

for years for their audit shortcomings. It has prompted the FRC to order

the split of their accounting and consulting arms, which all four agreed to do by 2024.

We take this investigation seriously and are fully cooperating with the Financial Reporting Council, Deloitte said in an emailed statement. Audit quality is our priority and we are committed to maintaining the highest professional standards.

(Updates with Deloitte response in last paragraph)

    Before it’s here, it’s on the Bloomberg Terminal.

    LEARN MORE