July 4, 2019 / 6:24 AM / 17 days ago

Watchdog imposes $5.8 mln fines on Deloitte, partner for audit failures

LONDON, July 4 (Reuters) - The Financial Reporting Council has fined Deloitte and one of its partners a total of 4.62 million pounds ($5.81 million) for misconduct in relation to the audit of financial statements of Serco Geografix Ltd for the years 2011 and 2012.

Deloitte’s 6.5 million pound penalty was discounted for settlement to 4.23 million pounds ($5.32 million), while audit engagement partner Helen George paid a fine of 97,500 pounds, discounted from 150,000 pounds.

Both parties were sanctioned for failure to act in accordance with the fundamental principle of professional competence and due care.

Deloitte will also pay 300,000 pounds towards the costs of the investigation, the regulator said on Thursday.

In addition, Deloitte has committed to provide all its audit staff FRC-approved training aimed at improving the behaviour that is subject of the misconduct. ($1 = 0.7948 pounds) (Reporting By Sinead Cruise, editing by Lawrence White)

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