Deloitte has been fined a record £14m for failing to manage conflicts of interest during its role as an adviser to collapsed British carmaker MG Rover.
The ruling against the Big Four accountancy firm comes at a time when UK auditors’ closeness with their clients is under increasing scrutiny.
On Monday the Financial Reporting Council, which brought the case against Deloitte, said the outcome of an independent tribunal was a “strong vindication” for its six-year-long probe into Deloitte’s work for companies involved with the carmaker in the lead-up to MG Rover’s collapse.
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