Grant Thornton UK received a “severe reprimand” and reduced penalty of £718,250 (U.S. $981,000) for breaches that arose in the context of audit work on the 2015-17 financial statements of now-collapsed construction firm Interserve.

In addition to the fine, announced Monday, Grant Thornton must report to the U.K. Financial Reporting Council (FRC) on its monitoring program of the quality of audit work on loss-making contracts.

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Jaclyn Jaeger is a freelance contributor to Compliance Week after working for the company for 15 years. She writes on a wide variety of topics, including ethics and compliance, risk management, legal,...