The U.K. Financial Reporting Council on Wednesday fined Grant Thornton £1.95 million (U.S. $2.4 million) for firmwide ethical and independence failures concerning its audit of alcohol retailer Conviviality Retail before the latter collapsed in 2018.
The fine was reduced from £3 million (U.S. $3.7 million) for “admissions and early disposal,” according to the FRC. The Conviviality audit covered the year ending April 30, 2014. Grant Thornton also received non-financial sanctions, including a severe reprimand and a declaration that the audit did not comply with relevant requirements.
