Deloitte Fined $8 Million, Reprimanded Over Serco Group’s Audits

Deloitte LLP has received a multi-million pound fine for shoddy auditing of a subsidiary of the outsourcing giant Serco Group Plc, just 24 hours after the company agreed to a heavy sanction from the national fraud investigator.

The U.K.’s accounting watchdog, the Financial Reporting Council, said in a statement July 4 that it had fined Deloitte 6.5 million pounds ($8.2 million) for its audits of Serco Geografix Ltd in 2011 and 2012. Serco announced on July 3 that it had agreed a settlement of 19.2 million pounds with the Serious Fraud Office for fraud and false accounting ...