Financial Reporting Council · United Kingdom
Grant Thornton UK LLP: fine by Financial Reporting Council
Audit or matter: Interserve plc (2015 to 2017 audits)
Decision date1 November 2021
SanctionFine
Amount as stated£1.3 million, reduced to £718,250
StatusFinal
NetworkGrant Thornton
What the regulator found
The FRC said Grant Thornton admitted at an early stage findings of "serious evidence and scepticism failings" on a loss provision for an energy from waste contract in 2015 and 2016, and inadequate work on going concern and goodwill impairment in 2017. The FRC did not assert the financial statements were materially misstated. Grant Thornton also received a severe reprimand.1
Status: Final1
Sources
- Financial Reporting Council, Sanctions against Grant Thornton and a partner (1 November 2021)