Big four firm Deloitte has said it is ‘disappointed’ that it will be
investigated over the audit of former car maker MG Rover, but said it was
confident about the results of such a probe.
Responding to the announcement that the Accounting Investigation and
Discipline Board is to look into Deloitte’s audit of the company’s 2003 accounts
and provision of other services, the firm argued that investigations by the
ICAEW had found no need for such a move
In a statement the firm said: ‘We note the AIDB announcement and are
disappointed in this decision. Following the initial consideration of this
matter by the ICAEW Investigation Committee, that committee determined that it
should be made abundantly plain to the AIDB that it has not found a prima facie
case against Deloitte and this should be made clear in any communication issued.
‘We will fully co-operate with the investigation; we are confident that we
will demonstrate that our work was carried out to the highest professional
The firm is already facing complaints from the Joint Disciplinary Scheme, the
AIDB’s predecessor, on matters relating to work carried out on the audit of
casino company, Capital Corporation.
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies