After delaying for eight months its 2019 audited financial statements, U.K. car dealership chain Lookers has disclosed a £45.5 million (U.S. $60.5 million) loss following discovery of accounting fraud by a former employee. The company also revealed it has set aside £10.4 million (U.S. $13.8 million) for a potential fine by the Financial Conduct Authority (FCA).

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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,...