--- title: "MFS audits and accounting investigations" language: en canonical: https://osint.v3rta.com/dossiers/market-financial-solutions/topics/audit-and-accountants/ as_of: 2026-10-09 keywords: ["Market Financial Solutions","MFS","Paresh Raja","Pratibha Raja","mortgage servicing","bridging finance","securitisation","administration","Twinwin","Cronus Finance","Galaktikos","Trident Funding"] --- # MFS audits and accounting investigations **Question.** What exactly did the FRC announce about the MFS-related audits? **Answer.** The FRC announced investigations into specified audit engagements and accounting conduct. Opening an investigation is not a finding that the firms or unnamed accountants breached their obligations. ## Audit and accounting engagements - Analysis: Berkeley Finch audited MFS’s 2023 accounts, with Ajay Yadav signing the opinion on 19 April 2024. Magus Chartered Accountants were named as accountants. Berkeley Finch also appears in identity-verification records as an authorised corporate service provider, a different function from audit assurance. [s-d14] [s-d35] [s-d102] [s-d104] - Qualification: The auditor notes inherent audit limitations, including higher non-detection risk for concealed fraud; the described procedure is not a regulatory determination. The verification statement uses a different name from the PSC heading; Tiba Raja is preserved as a source-name variation, not a separately established person. - Analysis: The FRC announcement of 11 June 2026 concerns Berkeley Finch’s statutory audit of MFS’s 2024 statements and Silver Levene’s audit of Zircon Group’s 2024 consolidated statements. The FRC separately described investigations into Magus and individual accountants under its Accountancy Scheme. It did not publicly name all individual subjects in the retained announcement. [s-d73] - Qualification: The opening of the investigation does not indicate that the FRC has made, or will make, any finding of breach or misconduct. The FRC says the announcement does not evidence investigations into any other persons or entities, and opening investigations does not establish misconduct. An investigation is not a finding that the audit breached relevant requirements or involved misconduct. - Outcome: Investigation opened; no FRC finding is reported in this notice. Investigations opened; no FRC misconduct finding is reported in this notice. Investigation opened; no FRC audit finding is reported in this notice. ## Limits of the announcement - Analysis: The investigations cover specific engagements or conduct; they are not a collective conclusion about all accountants, identity-verification clients or companies at the same service address. The archive contains no final FRC outcome for these investigations. The graph therefore records professional roles and subject-bound investigation notes without transferring them to connected clients or officeholders. [s-d73] [s-d69] - Qualification: The opening of the investigation does not indicate that the FRC has made, or will make, any finding of breach or misconduct. The FRC says the announcement does not evidence investigations into any other persons or entities, and opening investigations does not establish misconduct. An investigation is not a finding that the audit breached relevant requirements or involved misconduct. Opening investigations is not a finding of misconduct; the FRC notice expressly limits its scope to named firms and specified individuals. - Outcome: Investigation opened; no FRC finding is reported in this notice. Investigations opened; no FRC misconduct finding is reported in this notice. Investigation opened; no FRC audit finding is reported in this notice. ## Sources - [s-d14] MFS annual report and consolidated accounts to 31 December 2023, Companies House - [s-d35] Companies House: Berkeley Finch Limited — officers, Companies House - [s-d102] Companies House: MFSUK LIMITED — persons with significant control, Companies House - [s-d104] Companies House: ASCELIS LIMITED — persons with significant control, Companies House - [s-d73] FRC investigation announcement: MFS and related accounting and audit engagements, 11 June 2026, Financial Reporting Council - [s-d69] MFS joint administrators’ progress report, period 25 February–24 August 2026, Companies House