In this month’s audit updates, Deloitte hit with £6.5m fine over Serco, Ferrexpo swaps Big Four auditor for MHA, ‘complexities’ delay Sport Direct results, BEIS audit market reform consultation, MPs concerns over FRC chair appointment, ethical standards and local authority audits both up for review
Deloitte has been fined £6.5m by the Financial Reporting Council (FRC) over its auditing of Serco Geografix Ltd.
The news followed immediately after it was announced that Serco had agreed a £19m deferred prosecution agreement (DPA) with the Serious Fraud Office (SFO) to settle fraud and false accounting charges.
The FRC has imposed sanctions against Deloitte in relation to the audit of the financial statements of Serco Geografix for the years ended 31 December 2011 and 2012, and against its audit engagement partner, Helen George, in relation to the year ended 31 December 2011, after their admissions of misconduct.
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