Grant Thornton slapped with multi-million pound fine after FRC calls out ‘serious failings’ in Sports Direct audit July 18, 2022 The UK’s accounting watchdog today hit Grant Thornton with a £2.05m over “serious failings” in its audits of high-street retailer Sports Direct. The fines come after the UK’s Financial Reporting Council (FRC) said Grant Thornton had failed to properly scrutinize Sports Direct’s relationship with an unnamed delivery company and the impact the relationship would have [...]
Grant Thornton settles £200m lawsuit with Patisserie Valerie’s administrators June 27, 2022 Grant Thornton has settled a £200m lawsuit with Patisserie Valerie’s bankruptcy administrators over its role in the café chain’s collapse. The London headquartered accountancy giant has reached agreement to settle its case with Patisserie Valerie’s administrators out of court, according to the Sunday Telegraph who broke the news. In a statement sent to City A.M., [...]
UK’s accountancy sector turnovers soar to record highs May 12, 2022 The UK’s accountancy firms generated more cash in March than in any other month on record, new Office of National Statistics (ONS) figures show. Turnover in Britain’s accountancy sector jumped 14 per cent from February to March to record highs of £4.13bn. The multi-billion sum comes as a new high for the UK’s accountancy industry, [...]
Grant Thornton strikes deal to offer crypto-recovery services May 3, 2022 Accountancy firm Grant Thornton has joined forces with a trio of other firms with a view to offering crypto recovery services. The accountancy firm struck a deal with two London law firms and a New York investment manager, to help clients recover stolen crypto assets. The deal comes on the back of a sharp rise [...]
Tory backbencher calls on government to close ‘loopholes’ letting London firms work for the Kremlin April 11, 2022 Tory backbencher Kevin Hollinrake has called on the government to close the “loopholes” that have allowed UK professional services firms to continue carrying out bankruptcy proceedings on behalf of the Russian state. In a letter to Rishi Sunak, the Conservative party MP accused accountancy giant Grant Thornton, litigation funder Harbour, and London law firm CMS [...]
Grant Thornton partners see pay boosted by 35 per cent following boom in M&A activity April 7, 2022 Partners at Grant Thornton saw their pay jump 35 per cent last year after the London accountancy firm posted bumper profits on the back of a boom in mergers and acquisitions. Average profits earned by partners at accountancy giant Grant Thornton jumped from £451,000 in 2020 to highs of £611,000 in 2021. The 35 per [...]
Grant Thornton set to earn millions from Russian oligarch’s bankruptcy proceedings April 5, 2022 Grant Thornton is set to earn millions through its work on behalf of a consortium of Russian financial institutions, in carrying out bankruptcy proceedings against billionaire banker Anatoly Motylev. The accountancy giant could earn as much as £10m in fees, which will be paid for out of any recovered assets, after the High Court put [...]
Grant Thornton gives CEO David Dunckley a second four-year term March 22, 2022 Accountancy giant Grant Thornton has given incumbent CEO David Dunkley a second, four-year term. The decision to rehire Dunckley to head the professional services giant comes after the firm was fined £2.3m last year over its audit of collapsed café chain Patisserie Valerie. The City of London auditor was also fined a further £1.3m last [...]
Grant Thornton cuts ties with Russian member firm that audits Russia’s Central Bank and Gazprom March 2, 2022 Grant Thornton has cut ties with its Russian member business, FBK, in response to Putin’s invasion of Ukraine. The London headquartered consultancy said its Russian member business, FBK, would be leaving Grant Thornton’s international network with immediate effect. Grant Thornton’s decision to cut ties with Moscow headquartered consultancy FBK will in effect see the firm [...]
Grant Thornton and partner fined over £750,000 over Interserve audit failings November 1, 2021 Grant Thornton has been fined over £700,00 by UK regulator Financial Reporting Council (FRC) for audit failings at Interserve, a British multinational construction business which collapsed in 2019. The fine comes just over a month after the FRC issued another sanction, of £2.3m, on the accounting giant for a “serious lack of competence” in the [...]