{"id":44154,"date":"2019-01-31T07:06:01","date_gmt":"2019-01-31T07:06:01","guid":{"rendered":"https:\/\/www.taxresearch.org.uk\/Blog\/?p=44154"},"modified":"2019-01-31T07:06:01","modified_gmt":"2019-01-31T07:06:01","slug":"its-not-only-grant-thornton-who-have-a-problem-with-patisserie-valerie-the-financial-reporting-council-do-too","status":"publish","type":"post","link":"https:\/\/www.taxresearch.org.uk\/Blog\/2019\/01\/31\/its-not-only-grant-thornton-who-have-a-problem-with-patisserie-valerie-the-financial-reporting-council-do-too\/","title":{"rendered":"It&#8217;s not only Grant Thornton who have a problem with Patisserie Valerie: the Financial Reporting Council do too"},"content":{"rendered":"<p>This is from <a href=\"https:\/\/www.thetimes.co.uk\/article\/caf-chain-revealed-40m-fraud-after-frc-cleared-audit-rkfj508dw\" target=\"_blank\" rel=\"noopener\">The Times<\/a> yesterday and is too important not to be shared:<\/p>\n<blockquote><p>The Financial Reporting Council approved the quality of an audit of Patisserie Valerie\u2019s accounts six months before the caf\u00c3\u00a9 chain revealed a \u00a340 million fraud that brought the company to the brink of collapse,\u00a0<i>The Times<\/i>\u00a0has learnt.<\/p>\n<p>The watchdog conducted a review of auditing work on the 2017 accounts of Patisserie Holdings, the parent company, as part of a random sample of businesses whose audits it inspected last spring.<\/p>\n<p>The regulator, whose investigations into the large accountants\u2019 work has been criticised as ineffective, gave Grant Thornton\u2019s work on the accounts a clean bill of health, according to people with knowledge of the matter.<\/p><\/blockquote>\n<p>There can be no doubt that Grant Thornton are in deep water on the Patisserie Valerie audit.<\/p>\n<p>But it not looks like the FRC is digging its own grave, given its future\u00a0is already seriously in doubt.<\/p>\n<p>The case for absolutely\u00a0fundamental audit reform has arrived, and it\u00a0does rather look as though the auditors aren't the people to decide on the issue.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>This is from The Times yesterday and is too important not to be shared: The Financial Reporting Council approved the quality of an audit of<br \/><a class=\"moretag\" href=\"https:\/\/www.taxresearch.org.uk\/Blog\/2019\/01\/31\/its-not-only-grant-thornton-who-have-a-problem-with-patisserie-valerie-the-financial-reporting-council-do-too\/\"><em> Read the full article&#8230;<\/em><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[67,26,81],"tags":[],"class_list":["post-44154","post","type-post","status-publish","format-standard","hentry","category-accountancy","category-accounting","category-auditing"],"_links":{"self":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/44154","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/comments?post=44154"}],"version-history":[{"count":0,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/44154\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/media?parent=44154"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/categories?post=44154"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/tags?post=44154"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}