The record-breaking fine of £14m against Deloitte and subsequent ruling in the case of MG Rover has raised serious concerns for the profession over conflict of interest and public interest issues.

The ruling comes after the Financial Reporting Council took up the matter last year, after an initial inquiry was put on hold pending an investigation by the DTI in 2009, which finally cleared MG Rover's four directors, John Towers, Nick Stephenson, Peter Beale and John Edwards (the 'Phoenix Four') of illegality or breach of fiduciary duty after the company collapsed in April 2005, leaving 6,500 unemployed.