The Financial Reporting Council (FRC) previously revealed it will commence investigations into the audits made by Deloitte of the financial statements of Lookers, a car manufacturer, for the years ended 31 December 2017 and 2018, following claims of “potential fraud”.
Deloitte will complete the audit for the current financial year ending 31 March 2021 after which BDO will take over for the group.
A Deloitte spokesperson said at the time: “We take this investigation seriously and are fully cooperating with the Financial Reporting Council. Audit quality is our priority and we are committed to maintaining the highest professional standards.”
Lynette Lackey, chair of the company’s audit committee, added: “The board would like to thank Jim Wright and Deloitte for its work as auditor through the company’s period of success and growth since IPO. We look forward to working with BDO in the future.”