Watchdog Fines Deloitte For Pension Audit Failures

Law360, London (November 6, 2020, 11:56 AM GMT) -- The accounting watchdog said on Friday that it has reprimanded Deloitte LLP and fined it £362,500 ($475,000) after uncovering failings by the audit giant when it reviewed a company's pension scheme.

Deloitte breached requirements when auditing a company's defined benefit pension scheme and valuing its intangible assets, the audit watchdog said. (iStock) Deloitte breached the regulator's requirements when auditing the defined benefit pension scheme and valuing the intangible assets of a company for the year ending January 2016, the Financial Reporting Council said. The audit regulator did not name the company.

The FRC has also reprimanded Deloitte and one of its former...

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