Partner Paul Brehony comments in Law360 on the fine issued by the FRC to Deloitte over its audit of outsourcing group Mitie.
Paul’s comments were published in Law360 and Accountancy Web on 21 April 2022, and ITR on 22 April 2022.
“This represents the latest example of the FRC flexing its regulatory muscles and follows hot on the heels of last week’s fines issued to KPMG.
It is worth remembering that the watchdog’s 2021 Annual Enforcement Review referenced 37 open audit investigations, 19 of which were announced, and which included Deloitte’s audits of Mitie that are subject to today’s fines. Further fines and disciplinary findings, therefore, appear inevitable.
Given the 44% growth of the FRC’s Enforcement Division in 2021 and the forthcoming transfer of control of large company audit licensing to the watchdog, auditors can expect further ugly (and expensive) headlines and for regulatory scrutiny to be ramped up further.”
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