The Financial Reporting Council, the U.K.’s financial watchdog, fined Grant Thornton 3 million pounds ($3.77 million) for ethics failures relating to its audit of Conviviality, a collapsed alcohol retailer.
The firm had continuously failed in ethics over audits in the course of three years, breaching standards and requirements regularly. Grant Thornton also provided an unqualified audit opinion which violated standards for audit independence.
