This month’s named and shamed consists of a Deloitte audit partner who was fined £120k by the FRC, directors banned over failing to put creditors first, a land engineering boss banned for 11 years over tax offences and money launderers jailed for role in £1m ‘rare earth’ metal scam
FRC fines Deloitte audit partner £120,000 over misconduct
The Financial Reporting Council (FRC) has fined Deloitte audit partner Ross Howard £120,000 for misconduct in the audit of the financial statements of Serco Geografix Ltd for the year ended 31 December 2012
As well as the fine, which has been discounted for settlement to £78,000, Howard has been severely reprimanded. The FRC investigation, conducted under the accountancy scheme, found he had failed to act in accordance with the fundamental principle of professional competence and due care.
The sanctions against Howard, who admitted the misconduct, follow an earlier FRC settlement agreement with Deloitte in relation to the 2011 and 2012 audits and Helen George, one of its audit partners (in relation solely to the 2011 audit).
