PwC has identified accounting irregularities, complexities and a lack of auditing at failed Auckland property development group, Du Val.

This first receiver's report says one area of concern is related-party transactions.

BusinessDesk reporter Maria Slade says PwC has identified a $15 million intellectual property transaction between a trust belonging to founders Kenyon and Charlotte Clarke - and another entity.

"It was a loan, and apparently there's no accounting records or anything to show where the funds came from. The loan is now $5 million - where did that other $10 million go and what was it for? Nobody knows."

LISTEN ABOVE