Always happy to spread the word about fellow consultants, after all, we’re all competing for seats on the same gravy train. Here’s a recent PWC misdemeanour, followed by a recent fine for our other friends at Deloitte.
The Financial reporting agency literally keeps telling them they’re incompetent, yet we doubt their fees will be coming down any time soon. Why should they, when clients remain willing to pay for their ‘special’ services?
Deloitte fined £4.2m over Serco electronic tagging scandal
Accountancy giant Deloitte has been fined £4.2 million by the Financial Reporting Council for its audit of Serco’s Geografix division over the outsourcer’s electronic tagging scandal.
It said Deloitte “failed to act in accordance with the fundamental principle of professional competence and due care”.
As part of the settlement, the Financial Reporting Council (FRC) said Deloitte has also arranged for all its audit staff to undergo a training programme aimed at improving the behaviour at the heart of the misconduct.
Well that’s OK. They’ll have a couple of days out of the office on a training programme!!!! Morning timetable 9:30 – 11:30 – Stop breaking the law. 11:45 – 12:30 – Stop being caught.
It comes after Serco was fined £19.2 million, plus £3.7 million in costs, by the Serious Fraud Office (SFO) on Wednesday (after it overcharged the government for offender tagging contracts between 2010 and 2013.