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The Financial Reporting Council (FRC) has opened an investigation into Deloitte’s audits of Glencore over an eight-year period.
The regulator said the probe concerns Deloitte’s statutory audits of the financial statements of Glencore plc and Glencore Energy UK Limited for the years ended 31 December 2013 to 31 December 2020.
The decision to launch the investigation was made by the FRC’s conduct committee on 18 March.
The enforcement division will examine whether Deloitte LLP gave sufficient consideration to the risk of non-compliance with laws and regulations during the audits.
It will carry out the investigation under the Audit Enforcement Procedure.
Glencore and its UK subsidiary have previously been investigated by government agencies over allegations of misconduct.
The FRC emphasised that the current inquiry does not relate to any other individuals or entities, and does not indicate that any findings of breach have been made.
A Deloitte UK spokesperson told Accountancy Today: “We are committed to the highest standards of audit quality and will fully co-operate with the Financial Reporting Council.”
