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Deloitte's auditing of Mitie faces probe by watchdog

Deloitte’s auditing of outsourcing firm Mitie Group’s accounts is to be probed by the UK’s accountancy watchdog.The Financial Reporting Council (FRC) said its investigation related to Mitie’s financial statements for the years ending 31 March 2015 and 2016.Deloitte said it took the investigation “very seriously” and would co-operate fully.Last month, Mitie reported a full-year loss after being hit by charges stemming from an accounting review.One-off costs of £88.3m meant the company – which provides pest control, cleaning, security and healthcare services – posted an operating loss of £42.9m for the year to March.The accounting review, which was carried out by KPMG, found the company’s accounting was “less conservative” than its peers.In a statement, Deloitte said: “Audit quality is of critical importance to our firm and we are committed to maintaining the highest professional standards.”We take this investigation very seriously and will co-operate fully with the Financial Reporting Council.”
Source: BBC News

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