13 Grant Thornton UK LLP has been sanctioned for failing to comply with the Regulatory Framework for Auditing in its audit of a local authority pension fund for the year ending March 2021.
The FRC’s enforcement committee said it found a significant departure from the standards expected of the Registered Auditor and identified failings that it considered had the potential to affect the public, employees, pensioners or creditors. The failings included two uncorrected material errors in the version of the pension fund’s audited financial statements included in the local authority’s annual report (these errors did not appear in the pension fund’s own financial statements) and insufficient audit evidence that the value of investments was materially correct.
Largest Western bank under pressure to cancel investment in Russia
