PracticeAuditParmalat prosecutors seek auditors’ indictment

Parmalat prosecutors seek auditors' indictment

Prosecutors in the Parmalat case will seek to indict the Italian arms of Deloitte and Grant Thornton in a preliminary hearing in Milan today.

Link: Deloitte and Grant Thornton face £5bn Parmalat lawsuit

Deloitte, group auditor, and Grant Thornton, which audited its subsidiaries including the offshore unit in the Cayman Islands that is at the centre of the scandal, have both denied any wrongdoing. Parmalat, the Italian dairy giant, was thrust into the limelight at the end of 2003 when a gaping hole of ? ¬14bn (£9.65bn) was found in its accounts. Parmalat’s new managers in August opened a new front in its battle to recover funds by filing a $10bn (£5.47bn) lawsuit in the United States against both accountancy firms.

Related Articles

EY fined £1.8m over Tech Data audit

Accounting Standards EY fined £1.8m over Tech Data audit

2d Emma Smith, Managing Editor
Top 50+50: Firms post significant growth in new tax and audit rankings

Audit Top 50+50: Firms post significant growth in new tax and audit rankings

6d Emma Smith, Managing Editor
FRC closes investigation into PwC over Barclays compliance

Accounting Firms FRC closes investigation into PwC over Barclays compliance

2w Alia Shoaib, Reporter
PwC to audit BBC pay policies following gender pay gap outrage

Accounting Firms PwC to audit BBC pay policies following gender pay gap outrage

1m Alia Shoaib, Reporter
PwC to take over from Deloitte as Diploma auditor

Accounting Firms PwC to take over from Deloitte as Diploma auditor

1m Alia Shoaib, Reporter
KPMG rocked by South African corruption scandal

Audit KPMG rocked by South African corruption scandal

3w Alia Shoaib, Reporter
BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

4w Emma Smith, Managing Editor
FRC closes KPMG HBOS audit investigation, Treasury Committee expects ‘full explanation’

Accounting Firms FRC closes KPMG HBOS audit investigation, Treasury Committee expects ‘full explanation’

4w Emma Smith, Managing Editor