Deloitte investigated for SIG profit errors
Britain’s accountancy watchdog will investigate audits carried out by Deloitte for SIG after it was revealed that the building and materials company had been overstating its profits.
The investigation has been instigated by the Financial Reporting Council but will be carried out by the Institute of Chartered Accountants in England and Wales. It will focus on Deloitte’s audit of cash and supplier rebates.
It emerged in February that SIG, a FTSE 250 business with headquarters in Sheffield, had discovered overstatements of its profits, “in some cases intentionally”. It drafted in KPMG to review its previous audits.
SIG said that the fault was discovered when a whistleblower made an allegation concerning financial irregularities at its British insulation and exteriors business. The accounting errors meant that SIG’s…
