Deloitte Fined $477,000 by U.K. Watchdog Over Auditing Failures

The U.K.’s accounting watchdog fined Deloitte LLP and reprimanded a former partner over the audit of a company’s pension plan.

Deloitte was ordered to pay a fine of 362,500 pounds ($477,000), reduced from 500,000 pounds for admissions and early disposal, the Financial Reporting Council said in a statement on Friday. The FRC also ordered Deloitte to prepare a progress report for the regulator’s audit quality review team.

Deloitte failed “to obtain sufficient appropriate audit evidence and to properly document work in significant areas of audit risk,” the FRC’s Deputy Executive Counsel Claudia Mortimore said in the statement. She added that ...