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Grant Thornton fined $3.2 million over Patisserie Valerie audit By Reuters

by Mike Robinson

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© Reuters.

(Reuters) – Britain’s accounting regulator said Monday that it had fined Grant Thornton and David Newstead for their Patisserie Valerie audit. This was in response to accounting errors.

According to the Financial Reporting Council, Grant Thornton was being fined four million pounds ($5.47million). However, that figure would be cut down to 2.34million pounds due to mitigation factors. The FRC also imposed a variety of non-financial procedures to improve their processes. Newstead will be assessed a 150,000-pound fine. The amount would drop to 87.750 pounds due to the mitigation factors.

FRC found that Grant Thornton’s 2017 audits were not in compliance with the law and failed to challenge and stand back from management.

($1 = 0.7311 pounds)

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