• Register
Return to: Home > News > Financial Results > FRC launches investigation into Grant Thornton

FRC launches investigation into Grant Thornton

The UK’s financial Reporting Council (FRC) has launched an investigation into Grant Thornton UK’s audits of Patisserie Valerie’s parent company, Patisserie Holdings.

The FRC has commenced an investigation into the audits of Patisserie Holdings financial statements for the years ended 2015, 2016, and 2017.

Patisserie Valerie’s former CFO Chris Marsh was arrested for fraud on 11 October following the discovery of accounting irregularities which were reported to be in the region of £20m ($26.4m).

The regulator has launched an investigation into Marsh over his preparation and approval of the company’s financial statements and other financial information.

When the accounting regularities were discovered the company’s directors said that without an immediate cash injection there was ‘no scope for the business to continue trading in its current form’.

In the following days, the company’s chairman Luke Johnson loaned the company £20m of his own money to keep the company afloat.

A spokesperson for Grant Thornton said the firm will ‘fully cooperate’ with the investigation.

Earlier this week, Grant Thornton appointed Dave Dunckley as its new CEO following the departure of Sacha Romanovitch in October.

Top Content

    Nigeria: building compliance and engagement

    Opportunities created by regulatory and legislative changes in Nigeria are tempered by the fragile state of the economy, although practitioners are generally confident that conditions will improve over the next few years if appropriate steps are taken. Paul Golden reports.

    read more

    Ghana: a quest for consistency

    Ghana’s current economic profile would suggest a fertile landscape for purveyors of accounting services. But inconsistent approaches to compliance and application of standards – coupled with problems in the banking sector and consequent liquidity constraints – have created a challenging environment. Paul Golden writes.

    read more

    Drone technology: audit takes to the skies

    The movement towards a digitised era has already impacted the auditing profession in a number of ways, from blockchain to artificial intelligence. Now firms are taking to sky and using drone technology in their audits. Mishelle Thurai speaks to Big Four firms to find out more.

    read more

    SBC: a new alliance joins the market

    Jonathan Minter speaks to Paul Tutin, chair of founding firm Streets Chartered Accountants, about why the business and its European partners took the decision to launch their own association.

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.