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Regulator Probes Grant Thornton Over Cafe Chain Audits

Law360, London (November 21, 2018, 10:52 AM GMT) -- Britain’s accounting regulator said Wednesday that it is investigating Grant Thornton’s auditing for the parent company of Patisserie Valerie, as the troubles surrounding the cafe chain deepen.

The Financial Reporting Council said it will examine audits that Grant Thornton UK LLP completed for Patisserie Holdings PLC, covering the years that ended in September 2015, 2016 and 2017. The watchdog will also probe how the cafe chain’s former chief financial officer, Christopher Marsh, prepared financial statements for his troubled company.

“The [Grant Thornton] investigation will be conducted under the audit enforcement procedure,” the watchdog said, referring to a process that can lead...
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