FRC Fines Deloitte Partner Over Serco Audit Misconduct

Law360, London (October 29, 2019, 5:52 PM GMT) -- Britain’s accounting watchdog said Tuesday it has fined a Deloitte partner for misconduct over an audit of financial statements by a subsidiary of security outsourcing giant Serco, the company involved in a prison tagging scandal.

The Financial Reporting Council said Ross Howard, Deloitte’s audit engagement partner for Serco Geografix, must pay a £78,000 ($101,000) discounted fine and has been severely reprimanded, ending the watchdog's longstanding probe into Deloitte’s audit of Serco.

Howard, who audited the 2012 financial statements of Serco Geografix Ltd., failed to act with professional competence and due care, the FRC said.

A Deloitte spokesman said the work “was...

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