Financial Reporting Council · United Kingdom
Deloitte LLP: fine by Financial Reporting Council
Audit or matter: Mitie Group plc (FY2016 audit)
Decision date21 April 2022
SanctionFine
Amount as stated£2 million, reduced to £1,450,000
StatusFinal
NetworkDeloitte
What the regulator found
The FRC said Deloitte admitted breaches on goodwill impairment testing in Mitie's Healthcare Division, including insufficient audit evidence on future cash flows and the discount rate and insufficient professional scepticism. The FRC stated that the financial statements contained a material uncorrected misstatement. Deloitte also received a severe reprimand and was required to report on remedial actions.1
Status: Final1
Sources
- Financial Reporting Council, Sanctions against Deloitte LLP and John Charlton (21 April 2022)