Key facts
- Deloitte was fined £6 million by the FRC for its audit of Go Ahead.
- The audit period covered by the FRC's findings was 2016-2020.
Deloitte fined £6m over Go-Ahead audit
IN SHORT
Deloitte has been fined £6 million by the Financial Reporting Council for its audit work on transport operator Go Ahead between 2016 and 2020. The FRC cited a failure to apply professional skepticism regarding overpayments received by Go Ahead from the UK's Department of Transport.
Key Numbers
£6 millionDeloitte fine
$7.9 millionDeloitte fine in USD
£11 millionpotential fine without cooperation
Who's Involved
Deloitte
auditor fined £6 million by the FRC
Go Ahead
transport operator whose audit by Deloitte was subject to FRC fine
Financial Reporting Council
body that fined Deloitte
Department of Transport
UK government body from which Go Ahead received overpayments
↳ Why This Matters
The fine highlights the scrutiny faced by major accounting firms regarding their audit quality and the importance of professional skepticism in identifying potential financial irregularities, particularly concerning government contracts.