- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2022-12-22T18:02:00
Deloitte received a penalty of 906,250 pounds (U.S. $1.1 million) for evidence failures regarding supplier rebates and cash uncovered in its 2015 and 2016 financial year audits at British-based specialist building product distributor SIG.
The Big Four firm was reprimanded by the U.K. Financial Reporting Council (FRC) on Thursday. It received a 27.5 percent discount on an initial penalty of £1,250,000 (U.S. $1.5 million) for admission and cooperation, including a declaration its FY2015 and FY2016 audit reports at SIG did not meet relevant requirements.
Simon Manning, the Deloitte engagement partner on the audit, received a discounted penalty of £36,250 (U.S. $43,600) and reprimand from the FRC.
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The U.K. Financial Reporting Council launched an investigation into Big Four audit firm EY’s work at Scotland-based Stirling Water Seafield Finance.
The Chinese affiliate of Big Four audit firm Deloitte agreed to pay a $20 million penalty and undertake extensive remedial measures as part of a settlement with the SEC for audit failures that included asking clients to conduct their own audit work.
The U.K. Financial Reporting Council announced a reduced penalty of 1.45 million pounds (U.S. $1.8 million) against Deloitte regarding goodwill testing failures during its audit of facility management company Mitie Group for fiscal year 2016.
Three months after a U.S. district judge declared Google to be running a monopoly, the Department of Justice recommended the tech giant be forced to sell off its popular Chrome browser as part of an effort to resolve antitrust concerns and reshape the power of tech’s biggest companies.
A bank examiner and senior manager at the Federal Reserve Bank of Richmond pled guilty to insider trading after allegedly misappropriating confidential information on seven banks to make profitable trades.
New York-based investment firm Drexel Hamilton will pay more than $1.1 million in penalties, with four current and former employees paying fines as well over committing hundreds of violations of rules regarding the sale of municipal bonds.
