Deloitte partner fined £120,000 by FRC over Serco ‘misconduct’

The Financial Reporting Council (FRC) has fined a Deloitte partner £120,000 over “misconduct”.

The regulator published the settlement agreement in respect of the misconduct “admitted” by Ross Howard, in relation to Deloitte’s audit of the financial statements of Serco Geografix Limited for the year ended 31 December 2012.

The FRC said Howard “failed” to act in accordance with the Fundamental Principle of Professional Competence and Due Care.

The case was investigated and settled under the Accountancy Scheme.

The FRC said: “Howard, who was Deloitte’s audit engagement partner for Serco Geografix for the 2012 audit, has been fined £120,000 (discounted for settlement to £78,000) and has been severely reprimanded.

“The terms of settlement were agreed by the FRC’s Executive Counsel on 2 September 2019 and approved by a legal member of the independent Tribunal panel.”