Partner Paul Brehony comments on Grant Thornton’s £2.34 million fine for failures in its audits of café chain Patisserie Valerie, in Compliance Week.
Paul’s comments were published in Compliance Week on 27 September 2021, and can be found here.
Partner Paul Brehony commented as follows:
“Following hot on the heels of the FRC’s £2.2m fine of EY arising from its audit of Stagecoach and its unfettered criticism of KPMG’s audit practice, we see today another example of the FRC baring its teeth in its death throes; this time sinking said teeth into Grant Thornton’s audit of Patisserie Valerie.
Although the headline fines were adjusted down, the fine against the lead audit partner individually was unusual and is further evidence of increasing regulatory ferocity – a trend which I expect to continue both in audit and more broadly.”
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