Interserve, now in administration, was a global construction, support services and outsourcing group. In FY 2017, it reported total revenue of £3.2bn, and a loss before tax of £244.4m; and it employed 55,350 people worldwide.

In an unusual move, much of the decision has been withheld due to legal privilege although FRC was given access to all the necessary documents.

Sanctions have been imposed against Grant Thornton UK LLP and Simon Lowe, audit engagement partner in relation to the statutory audits of the 2015-2017 financial statements of Interserve plc, which is in administration.