RegulationAccounting StandardsDeloitte fined £10,000 over mis-signed audits

Deloitte fined £10,000 over mis-signed audits

Deloitte consents to £10,000 fine by the ICAEW

Deloitte has agreed to pay a £10,000 fine after allowing three members of
staff to sign audit reports who were not designated as “responsible
individuals”, contrary to audit regulations.

Between March 2003 and November 2007 the three employees signed 95 audit
reports.

The firm was reprimanded, fined and ordered to pay £4,173 in costs with
respect to the complaint, following an order by the ICAEW’s investigation
committee.

At statement from Deloitte said: “Deloitte detected the non-compliance with
auditing regulations, reported the matter to the ICAEW, and has given its full
cooperation to the ICAEW’s investigation.

“Deloitte prides itself on its rigorous quality procedures and is
disappointed that the individuals concerned failed to comply with the explicit
policy that only those authorised to sign audit opinions may do so.

“None of the individuals concerned now work for Deloitte and the firm has
implemented further improvements to its processes and controls. The firm
contacted all the clients affected and conducted a thorough investigation to
confirm that the audit work carried out did support the opinions given.”

Further reading:

ICAEW fines Grant Thornton over
audit sign-offs

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