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Deloitte has been fined £6.05m in the UK over its audit of the bus and rail operator Go-Ahead Group between 2016 and 2020.
The Financial Reporting Council (FRC), the UK’s accounting watchdog, said it reduced the penalty from £11m because of Deloitte’s “exceptional cooperation” and admissions. Deloitte has also paid the costs of the executive counsel’s investigation.
Deloitte, as auditor, failed to enquire sufficiently into the actions of LSER and LM, failed to apply sufficient professional scepticism, and failed to evaluate the evidence indicating the existence of fraud risk factors. Deloitte failed to appreciate that the company was under a contractual obligation to act in good faith and therefore in relation to LSER to bring the overpayments to the DfT’s attention.
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