In a statement on the report the Financial Reporting Council said: “The report does raise a number of questions relating to the affairs of MG Rover and its associated companies which the FRC believes may be relevant for the Department of Trade and Industry to consider.
“It will be for the Secretary of State to decide what action the DTI should take.”
The FRC is not making the report public but said it would provide the DTI with assistance if required.“The FRC's policy is to avoid commenting publicly or publishing information on cases except where the company has agreed to issue amended accounts or given a commitment to change its accounting practices in future sets of accounts.
“Neither of these outcomes will apply in the case of MG Rover,” the Council said.
The FRC does, however, have the power to seek revision of defective accounts through the courts if necessary.
The likelihood that this route is followed is dependant on the course of action the DTI wishes to take upon receipt of the report.
The DTI was unavailable to comment as Motor Trader went to press.