Grant Thornton Loses Damages Fight After Audit Failure

Law360, London (February 6, 2019, 7:21 PM GMT) -- A London judge dealt Grant Thornton a fresh blow Wednesday for failing to detect fraudulent financial statements in a fire engine provider's books, saying the accounting firm must pay £22.36 million ($28.98 million) as it's more liable for the botched audit than it cares to admit.

High Court Judge Simon Bryan refused to reduce the firm's culpability in failing to detect dishonest financial statements made by senior executives at AssetCo PLC, which services and sells engines for the London Fire Brigade, and instead reinforced last week's finding of negligence. 

The judge said he saw no reason to increase AssetCo's culpability and...

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