The Financial Reporting Council (FRC) has fined Grant Thornton £4m for not showing independence in the instance of two audits, Nicols plc and the University of Salford.
A former senior partner together with three former senior statutory auditors were also sanctioned as a result and the firm was reprimanded for misconduct.
This is the third instance, in as many weeks, of audit firms being fined and taken to task for poor conduct during audits.
The FRC appears to discount fines in this regard. Should audit firms and partners get any leniency in such instances? Share your thoughts with us.