Wednesday, April 14, 2021

Accounting firm Deloitte fined for audit misconduct

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Britain’s accounting regulator said on Tuesday it has fined Deloitte’s audit engagement partner Ross Howard for misconduct in the audit of Serco Geografix’s 2012 financial statements.

Deloitte and a senior partner were fined earlier this year for misconduct over the audit of outsourcer Serco’s (SRP.L) unit, formally settling a six-year criminal investigation into fraud and false accounting.

The Financial Reporting Council said Howard had been severely reprimanded and will have to pay a discounted settlement of 78,000 pounds.

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The penalty comes at a sensitive time as Britain’s government considers how to implement a proposed sweeping reform of auditing, particularly for the world’s Big Four auditing firms – EY, KPMG, Deloitte and PwC.

The watchdog had fined Deloitte 4.23 million pounds and audit engagement partner Helen George 97,000 pounds after they admitted misconduct for audits of Serco Geografix in 2011 and 2012.

($1 = 0.7785 pounds)

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