Grant Thornton UK dinged $51K for pension fund audit lapses
By 
Kyle Brasseur2024-04-09T17:23:00
Grant Thornton UK was assessed a penalty of 40,000 pounds (U.S. $51,000) by the Financial Reporting Council (FRC) for alleged procedure failures affecting the firm’s audit of a local authority’s pension fund.
The FRC reduced its penalty from £50,000 (U.S. $63,000) for cooperation and other mitigating factors, including the firm promptly addressing the identified deficiencies and demonstrating contrition, the regulator announced Monday.
The relevant pension fund audit was for the financial year ended March 31, 2021. The FRC did not identify the local authority involved by name.
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