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Ross Howard fined by FRC in audit of Serco Geografix Ltd

On 29 October 2019, The FRC (Financial Reporting Council) published the Settlement Agreement in respect of Misconduct admitted by Ross Howard in relation to Deloitte LLP’s audit of the financial statements of Serco Geografix Limited for the year ended 31 December 2012

The case was investigated and settled under the Accountancy Scheme.

This is in addition to the Settlement Agreement regarding audits of Serco Geografix previously agreed with Deloitte (in relation to the 2011 and 2012 audits) and one of its audit partners (in relation to the 2011 audit).

Howard, who was Deloitte’s audit engagement partner for Serco Geografix for the 2012 audit, has been fined £120,000 / $154,461 (discounted for settlement to £78,000) and has been severely reprimanded. The terms of settlement were agreed by the FRC’s Executive Counsel on 2 September 2019 and approved by a legal member of the independent Tribunal panel.

According to the FRC’s Settlement Agreement, 2 September 2019, in terms of the Nature and Seriousness of the Misconduct, a factor considered was that as the engagement partner for the 2012 audit, Howard was deemed a senior member of the audit team with overall responsibility for the conduct of the audit and with supervisory responsibilities. Howard abrogated his responsibility as reflected by his failure to supervise the audit properly.

 

by Zoya Malik

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