FRC to investigate Deloitte 

deloitte's logo on wall

The Financial Reporting Council (FRC) has launched an investigation under the accountancy scheme into Deloitte LLP, in relation to the preparation, approval and audit of the financial statements of companies within the Serco group.

The investigation is for the financial years ended 31 December 2011 and 31 December 2012.

According FRC, this decision follows information received from the Serious Fraud Office which is conducting an investigation into Serco’s electronic monitoring contracts in respect of England and Wales.

Deloitte has handled Serco audit since 2000.

Serco Group plc is a British outsourcing company based in Hook, Hampshire. It operates public and private transport and traffic control, aviation, military weapons, detention centres, call centres, prisons and schools on behalf of its customers.

The FRC is responsible for promoting high quality corporate governance and reporting to foster investment. In relation to disciplinary matters, the FRC is the independent, investigative and disciplinary body for accountants and actuaries in the UK dealing with cases which raise important issues affecting the public interest.

Source: FRC – Investigation into the preparation, approval and audit of the financial statements of companies within the Serco group

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