UK watchdog investigates Grant Thornton
The UK’s Financial Reporting Council is investigating client Patisserie’s financial statements
Bengaluru — Britain’s accounting watchdog is investigating Grant Thornton UK’s audit of café chain owner Patisserie’s financial statements for 2015 to 2017, the latest evidence of increased scrutiny of the country’s leading auditors. The Financial Reporting Council (FRC) said on Wednesday it was also investigating the preparation and approval of Patisserie’s financial statements and other financial information by the company’s former CFO Christopher Marsh. Grant Thornton handles the accounts of Patisserie which has been rocked by an accounting scandal and came close to collapse before getting a £20m lifeline from chair Luke Johnson. “I can confirm we have received a letter from the FRC informing us of its decision to commence an investigation and we will, of course, fully co-operate in this matter,” a spokesperson for Grant Thornton UK said. The FRC told Reuters the investigations, which could last up to two years, could lead to outcomes including a tribunal hearing, a fine or even ...
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