Wednesday, October 21, 2020

Accounting firm Deloitte fined for audit misconduct


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.

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.

- Advertisement -

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)

- Advertisement -
- Advertisement -


Germany issues international arrest warrant for founders of law firm at the centre of Panama Papers

Germany has issued international arrest warrants for the two founders of the firm at the centre of the tax haven scandal exposed by the...

Goldman to pay over $2 billion in DOJ’s 1MDB Probe

Goldman Sachs Group Inc. has reached a long-awaited pact with the U.S. Department of Justice to pay more than $2 billion for the bank’s...

Ex-managers of Security firm pleads guilty in Santa Clara County concealed gun permit bribery scandal

Two former managers of a Silicon Valley international security firm pleaded guilty Monday to charges related to a bribery scheme to obtain concealed firearms...

Ohio former House Speaker Larry Householder to stand for reelection amid bribery charges

Republican Rep. Larry Householder’s name will be on the ballot Election Day as the disgraced Ohio lawmaker intends to serve his district for another...

Billionaire Robert Smith to Pay $140 million after admitting to tax evasion

Billionaire Robert Smith will pay about $140 million and acknowledge wrongdoing to end a four-year U.S. tax investigation involving assets held in offshore tax...

Latest News

This Week

Trial of bitcoin launderer Alexander Vinnik begins in Paris

The trial of a Russian man alleged to have used ransomware in a 135 million euros ($157 million) bitcoin fraud will begin Monday. Alexander Vinnik, who...

U.S appeal court upholds conviction of former Senator Jon Woods in bribery case

The 8th Circuit Court of Appeals upheld the conviction of former Republican Sen. Jon Woods for a bribery and kickback scheme. That decision also upheld the...

Billionaire Robert Smith admits to evading taxes for 15 years

Billionaire Robert Smith has been hailed as a brilliant investor who built Vista Equity Partners into a private equity powerhouse and a generous philanthropist...

Former Mississippi city clerk pleads guilty to money laundering

A former administrator for a Mississippi city has pleaded guilty to money laundering and making false statements on a federal tax return, federal authorities...

Adblock Detected!

Our website is made possible by displaying online advertisements to our visitors. Please consider supporting us by whitelisting our website.

Enable Notifications    Ok No thanks