- 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 former executives of Chicago-based Outcome Health, a healthcare technology company, were sentenced for misleading an auditor, clients, lenders, and investors about a scheme to sell $45 million in overbilled advertisements.
A home health company operating in Indiana, Ohio, and Texas agreed to pay nearly $4.5 million to settle allegations it filed false claims by giving sports tickets and other kickbacks to assisted living facilities in exchange for referrals.
Crypto-friendly Silvergate Bank will pay a total of $63 million penalties to California and the Federal Reserve Board to settle charges that its anti-money laundering program failed to properly monitor more than $1 trillion worth of customer transactions.
