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Deloitte faces record £15m fine for Autonomy audit failings

by LLB Editor

Deloitte is facing a record £15m fine for “serious and serial failures” in its audits of Autonomy, a former FTSE 100 company, which was at the centre of one of the biggest accounting scandals in UK corporate history.

Tom Snelling, a partner and specialist financial services litigator at law firm Signature Litigation, said: “Today’s announcement of “serious audit failings” by Deloitte in its work for Autonomy caps a dramatic week for accountancy firms and those calling for radical change in UK auditor oversight.

” It follows a flurry of activity from the FRC, an ‘under pressure regulator’, fining and reprimanding Grant Thornton in respect of ethical and control standards in audit work and publishing a 22-point plan for operational separation in the major accounting firms (aimed particularly at the Big Four – who are reportedly in emergency talks with the regulator today).

“The FRC will also be very conscious that whatever steps it currently takes in respect of audit conduct will be perceived to be a predictor of how it would deal with issues like those also unfolding this week in respect of EY’s role in Wirecard-gate.”

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