The Financial Reporting Council has commenced an investigation into the audits by accountancy firm Deloitte of the financial statements of dealership group Lookers plc for the years ended 31 December 2017 and 2018.
The decision was made at a meeting of the Conduct Committee on 23 February 2021.
The investigation will be conducted by the FRC’s Enforcement Division under the Audit Enforcement Procedure.
In 202o, Deloitte resigned as auditor following the publication of the 2019 results. A ‘black hole’ of £19m appeared in the accounts stretching back over several years.
Lookers Group previously owned FPS Distribution, Apec Braking and BTN Turbo, all of which were sold to Alliance Automotive Group in 2016.
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