Deloitte fined £6.05mil in UK over Go-Ahead Group’s audits
The Financial Reporting Council says Deloitte failed to challenge Go-Ahead Group’s wrongful retention of over £30 million in public money for an extended period.
The accounting firm Deloitte has been fined £6.05 million over its audits of transport operator Go-Ahead Group for the financial years 2016 to 2020, according to Britain's Financial Reporting Council (FRC). The penalty was reduced from the initial £11 million due to Deloitte's exceptional cooperation and admissions of fault. Deloitte has not yet commented on the fine.
The FRC revealed that Deloitte failed to challenge Go-Ahead Group's wrongful retention of over £30 million of public money for an extended period. This overpayment occurred under a rail franchise agreement involving Go-Ahead Group's subsidiary, London & South Eastern Railway (LSER). LSER retained the overpaid funds without informing the transport department, which discovered the issue in 2021 and initiated action to recover the excess.
Penrose Foss, the FRC's executive director of investigations and enforcement, expressed concern over Deloitte's pattern of inadequate scrutiny of Go-Ahead Group's questionable decisions and actions.
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