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Deloitte Audit Into Outsourcing Firm Faces Probe

Monday, July 31, 2017

Deloitte’s auditing of outsourcing firm Mitie Group’s accounts is to be probed by the UK’s accountancy watchdog. The Financial Reporting Council (FRC) said its investigation related to Mitie’s financial statements for the years ending 31 March 2015 and 2016. Deloitte said it took the investigation “very seriously” and would co-operate fully. Last month, Mitie reported a full-year loss after being hit by charges stemming from an accounting review. One-off costs of £88.3m meant the company - which provides pest control, cleaning, security and healthcare services - posted an operating loss of £42.9m for the year to March. The accounting review, which was carried out by KPMG, found the company’s accounting was “less conservative” than its peers.

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