The report into irregularities at Powerscreen's Matbro subsidiary by company auditors KPMG is set for review by independent auditors Price Waterhouse, sources close to the company indicated.

Once this review is concluded, the company intends to publish the report and inform all shareholders as to the findings.

The Northern Ireland-based engineering firm is keen to communicate with shareholders as soon as is feasible but the timescale for publication of the report depends on the work of the independent auditors, sources said.

The problems at its British-based tractor manufacturing subsidiary forced Powerscreen to make a £46.7 million provision and will lead to losses of £10 million at the company for the year to end March.