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Deloitte LLP was fined 4.3 million pounds for audit failures of a unit of Serco Group Plc. Additionally, audit engagement partner, Helen George, was fined 97,500 pounds for failure to act in accordance with the fundamental principle of professional competence and due care.

Questions:

  1. After admission of misconduct by both Deloitte and Helen George, what happened?
  2. Serco Group Plc agreed to pay 19.2 million pounds to settle a six-year fraud probe into false accounting related to what intentional mistatement?
  3. Deloitte’s fine comes just weeks after PricewaterhouseCoopers fine for what?
  4. How much was PWC’s fine in #3 above?

Source:

Miller, H. (2019) Deloitte fined $5.4M over Serco Group audit failings. Accounting Today, July 5 (Retrievable online at https://www.accountingtoday.com/articles/deloitte-fined-54m-over-serco-group-audit-failings?utm_campaign=audit%20%26%20accounting-jul%208%202019&utm_medium=email&utm_source=newsletter&eid=57251c705b8682bf40d8936b8b0be222)

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