Financial Reporting Council · United Kingdom
Grant Thornton UK LLP: fine by Financial Reporting Council
Audit or matter: Patisserie Holdings plc (FY2015 to FY2017 audits)
Decision date27 September 2021
SanctionFine
Amount as stated£4 million, reduced to £2.34 million after adjustments and discounts for admissions and early disposal
StatusFinal
NetworkGrant Thornton
What the regulator found
The FRC said Grant Thornton admitted failures in four areas, revenue, cash, journals and fixed asset additions, showing lapses in professional judgement and scepticism, insufficient audit evidence and inadequate documentation. The FRC said each of the three audits failed to provide reasonable assurance that the financial statements were free from material misstatement. Other sanctions included a severe reprimand, three years of annual reporting to the FRC on remedial actions and a review of the firm's culture relating to challenge.1
Status: Final1
Sources
- Financial Reporting Council, Sanctions against Grant Thornton UK LLP and David Newstead (27 September 2021)