Deloitte fined £6.05 million in UK over audits of transport operator Go-Ahead Group
The penalty was cut from £11 million after Deloitte’s exceptional cooperation and admissions, the regulator said.
- On Thursday, the Financial Reporting Council fined Deloitte £6.05 million for audit failures regarding Go-Ahead Group between 2016 and 2020.
- According to the FRC, Deloitte 'failed to challenge the wrongful retention by of over £30 million of public money for an extended period' concerning overpayments to South Eastern Railway .
- Penrose Foss, the FRC's Executive Director of Enforcement, stated these 'breaches show a highly concerning pattern of failure' by Deloitte to apply sufficient scrutiny to questionable operator actions.
- Citing the firm's 'exceptional cooperation' and admissions, the FRC reduced the initial £11 million penalty to £6.05 million for the historical audit failures.
- The Department eventually discovered the retained overpayments in 2021 and subsequently took action to recover the public funds, which the subsidiary had kept without notifying the Department.
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The Economic Times
Times of IndiaDeloitte fined $7.98 million over audits of transport operator Go-Ahead Group
International accounting firm Deloitte faced a fine of £6.05 million for auditing Go-Ahead Group. The penalty was initially set at £11 million but was reduced due to Deloitte's cooperation. The audits in question spanned financial years between 2016 and 2020. The decision was reported by Britain's Financial Reporting Council on Thursday. Deloitte admitted to shortcomings in their auditing practices during this period.
Deloitte hit with £11m fine after missing £30m taxpayer fraud at UK transport giant
Big Four giant Deloitte has been fined £11m for failing to raise concerns about fraud in its statutory audits of the transport business, the Go-Ahead Group (GAG), which operates multiple train services across the UK. The Financial Reporting Council (FRC) said on Thursday the fine, which was discounted to £6.05m for early admission and co-operation, [...]
Aftenposten
Auditing giant Deloitte has been fined 6.05 million British pounds in connection with problems with the accounts of the railway company Go-Ahead.
Auditing giant Deloitte has been fined 6.05 million British pounds in connection with problems with the accounts of the railway company Go-Ahead.
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