- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Jaclyn Jaeger2020-07-08T18:26:00
The U.K. Financial Reporting Council fined Grant Thornton £1.95 million (U.S. $2.4 million) for firmwide ethical and independence failures concerning an audit of alcohol retailer Conviviality Retail.
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The U.K. Financial Reporting Council announced the end of an investigation into an accountant that prepared and approved financial statements at collapsed alcohol retailer Conviviality.
Grant Thornton UK has been fined £2.34 million (U.S. $3.2 million) by the Financial Reporting Council for failures in its audits of collapsed café chain Patisserie Valerie between 2015 and 2017.
The U.K. Financial Reporting Council has singled out audit firms Grant Thornton and Mazars as needing to significantly improve audit quality in the wake of recent inspection findings.
Chinese authorities banned PwC’s Chinese unit from performing audits in the country for six months, labeling the subsidiary’s flawed audit work as complicit in the failure of giant property developer Evergrande.
Erica Williams was reappointed to a second term as chair of the Public Company Accounting Oversight Board after an ambitious first three years in the role that have seen the agency work to update many of its standards deemed outdated.
Software company Autodesk said it won’t restate several years of financial statements following an audit committee investigation into potential accounting misconduct.
