Accountancy giant KPMG is facing an investigation into its audit of Coral and Ladbrokes owner Entain. The Financial Reporting Council (FRC) confirmed on Monday it was launching an inquiry into KPMG's audit of the gambling group's 2022 accounts. It comes after Entain was ordered to pay £585m in fines in 2023 following an investigation by HMRC at a Turkish subsidiary. Authorities launched an investigation into alleged bribery at Entain's subsidiary in 2019, with the company revealing its involvement in the HMRC inquiry a year later. Almost £374m was wiped off the value of the business at the time, while the FRC's latest update also led to shares in Entain falling by 2.2pc – making the company the worst performer on the FTSE 100.