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Deloitte Auditors Fined €17 Million for MG Rover Snafu
U.K. accounting regulators have fined Deloitte LLP 14 million (€17 million) for failing to meet ethical and public interest standards as auditor and adviser to carmaker MG Rover Group before its collapse in 2005.
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U.K. accounting regulators have fined Deloitte LLP 14 million (€17 million) for failing to meet ethical and public interest standards as auditor and adviser to carmaker MG Rover Group before its collapse in 2005.
The watchdog Financial Reporting Council charged that Deloitte ignored blatant conflicts of interest in acting as MG Rover's auditor while it also was providing financial advice to the four investors who owned the carmaker.
The FRC also levied a 250,000 (€296,300) penalty against former Deloitte partner Maghsoud Einollahi and banned him from working in accounting for three years.
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