Deloitte Faces U.K. Accounting Probe Into Lookers Audits
(Bloomberg) -- Deloitte LLP faces a probe by the U.K.’s accounting regulator into its audits of financial statements by Lookers Plc.
The Financial Reporting Council on Friday said its enforcement division will investigate the audits for the years 2017 and 2018.
The probe comes amid criticism the Big Four accounting firms have been facing for years for their audit shortcomings. In January, Deloitte was criticized by the FRC over its audits for Autonomy Corp.
“We take this investigation seriously and are fully cooperating with the Financial Reporting Council,” Deloitte said in an emailed statement. “Audit quality is our priority and we are committed to maintaining the highest professional standards.”
Lookers, a chain of car dealerships, said earlier this month that the Financial Conduct Authority had closed an investigation into the possible mis-selling of regulated products and associated issues from 2016 to 2019.
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