Two finance directors are to be investigated for their conduct in preparation of financial statements at the collapsed construction giant Carillion.

Zafar Khan and Richard Adams, both former group finance directors, have become the subject of a probe by the Accountancy Scheme, the disciplinary body for accountants in the UK run by the Financial Reporting Council (FRC).

A statement from the scheme said the investigation would focus on the “preparation and approval of the financial statements of Carillion plc for the years ended 31 December 2015, 2015 and 2016, and the six months ended 30 June 2017, and the preparation and reporting of other financial information during the period 2014–17.”

In January, the FRC announced an investigation into the audit of Carillion by KPMG.

The regulator said: “The FRC is liaising closely with the Official Receiver, the Financial Conduct Authority, the Insolvency Service and the Pensions Regulator to ensure that there is a joined-up approach to the investigation of all matters arising from the collapse of Carillion.”

MPs in the House of Commons are currently running their own investigation into Carillion, looking at the reasons for its collapse.

Last week, Stephen Haddrill, chief executive of the FRC, revealed that he was meeting with the Competition and Markets Authority to discuss a potential review that would examine whether the audit market in the UK is functioning effectively.