Deloitte hit with large UK fine over Go-Ahead audit shortcomings
The UK financial regulator has imposed a substantial penalty on Deloitte for failures in auditing Go-Ahead's accounts, later reduced because of the firm's cooperation.
Deloitte was fined by the Financial Reporting Council for shortcomings in its audit of the railway operator Go-Ahead covering several fiscal years. The penalty was lowered after Deloitte demonstrated willingness to work with investigators. Go-Ahead runs rail services in Norway through its subsidiary Go-Ahead Nordic and operates extensive bus and commuter-train contracts in Britain, including the Thameslink network in London.
Why it matters
It shows regulators tightening oversight of audit firms, affecting corporate governance and investor confidence.
In this story
Deloittefineaudit failureGo-AheadFinancial Reporting CounciltransportThameslinkNorwayUK regulator
