Grant Thornton fined R47m for missing 'red flags' in UK audit work | Fin24

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The UK's accounting watchdog has imposed sanctions against Grant Thornton Ltd. and a partner at the business, for its role in the alleged accounting fraud at the Patisserie Valerie bakery chain.
The Financial Reporting Council fined Grant Thornton 2.3 million pounds (R47 million), for its auditing work on the company between 2015 and 2017, the regulator said Monday. It also ordered non-financial sanctions including a review of the audit practice's culture and reporting to the FRC annually for four years.

The cafe group collapsed in 2019 after more than 90 years in business following an investigation that revealed thousands of false entries in its accounts and resulted in 920 employees…
Katharine Gemmell
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