Grant Thornton and partner fined over £750,000 over Interserve audit failings Grant Thornton and partner fined over £750,000 for Interserve audit 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 [...]
‘Severe reprimand’ for Patisserie Valerie audit: Grant Thornton failed and was incompetent, says watchdog 'Severe reprimand': Patisserie Valerie auditors failed and were incompetent Red flags were missed while auditing the collapsed cake chain Patisserie Valerie, and auditors failed to question management properly. Overall, it showed a serious lack of competence, according to regulators this morning. The Financial Reporting Council (FRC) made its findings against accounting giant Grant Thornton and auditor David Newstead, handing them fines of £2.3m and [...]
City Moves: Who’s switching jobs in the Square Mile this week? City Moves: Who's switching jobs in the Square Mile this week? City A.M.’s Millie Turner provides a roundup of the most important hires and job moves across the City, every Wednesday afternoon. Email citymoves@cityam.com to be featured. Pictet Wealth Management poaches Goldman Sachs veteran as new CEO Pictet Wealth Management has appointed a Goldman Sachs veteran as its new CEO, following the departure of its long-standing lead Heinrich Adami. Joining next week, Robert [...]
Supreme Court rules Grant Thornton owes Manchester Building Society £13.4m June 18, 2021 The Supreme Court has backed a £32m negligence claim from Manchester Building Society against its former auditor Grant Thornton in a landmark ruling that could make it easier to bring claims against professional advisers. The Supreme Court said Grant Thornton had incorrectly told the building society that its accounts could be prepared using a rule [...]
Nine in 10 Grant Thornton staff want to continue working from home April 7, 2021 Staff at Grant Thornton want to spend fewer days in the office than they did pre-pandemic, believing a more flexible approach to working would have a positive effect on them. Nearly nine in 10 (88%) employees at Grant Thornton want to work from home for at least half of the time after coronavirus restrictions ease, [...]
Grant Thornton defends audit of troubled Liverpool Council March 29, 2021 Grant Thornton has defended its audit work on Liverpool Council after a government report found the council was not providing best value for money to council taxpayers. A recent report into Liverpool Council found a litany of failures, including around a “rotten culture” of dubious contracts and backroom bullying. Official records of the council were [...]
Court papers detail Grant Thornton’s alleged errors in Patisserie Valerie audits February 14, 2021 FRP Advisory has reportedly filed legal documents detailing Grant Thornton’s alleged errors in its auditing of Patisserie Valerie after launching a £225m court claim against the professional services firm. FRP Advisory, liquidator to the cafe chain, said the auditor’s negligence meant Patisserie Valerie bosses were unaware the firm had run out of funds. It alleges [...]
Grant Thornton sued whopping £200m for Patisserie Valerie accounting failures January 8, 2021 Grant Thornton is being sued for £200m by the liquidators of Patisserie Valerie after the cake shop chain collapsed following suspected fraud. Liquidators FRP Advisory said Grant Thornton was negligent in the preparation and conduct of 2014 to 2017 financial statements. As a result the liquidator is suing the mid-tier audit firm for damages of [...]