Deloitte's partners have conferred and agreed to seek leave to appeal the ruling in the case of MG Rover, which was issued last month by the Financial Reporting Council (FRC) with the imposition of a record £14m fine.

The firm confirmed that it filed its formal notice to this effect yesterday [1 October], the deadline for seeking leave to appeal the matter.

The FRC's penalty - against both the firm and its former partner Maghsoud Einollahi who additionally received a £250,000 fine in addition to being excluded from the profession for three years - concerned Deloitte's failure to manage conflicts of interest in its advice to MG Rover and its directors and failure to consider the public's interest

The FRC confirmed that the firm has jointly sought leave to appeal with Einollahi.

A spokesman for the FRC said that an independent Tribunal member - external to the FRC's regular pool of Tribunal members and one who would not have heard the case that resulted in the hearing - is to now decide on the merits of the appeal based on what Deloitte has forwarded via solicitors, Freshfields.

Deloitte has disagreed with the main conclusions of the Tribunal and previously stated concerns, for itself and the profession, specifically around how the 'public interest' issue raised by the ruling, ought to be considered going forward.

A Deloitte spokesperson said the firm considered the matter carefully before deciding to go through with the appeal process.

'We recognise the general desire to move on from this case but do not agree with the main conclusions of the Tribunal which we feel could create significant uncertainty for individual members and member firms of the ICAEW,' the spokesman said.