Lookers’ Deloitte Reports Investigated


The Financial Reporting Council (FRC) has issued a statement saying that it has opened an investigation into the audits carried out by major professional services firm Deloitte LLP of the financial statements of Lookers plc for the years ended 31 December 2017 and 2018.  Lookers plc, with 164 franchised dealerships representing 31 manufacturer brands, is one of the UK’s largest and most-respected dealer groups.

The FRC statement says that it made the decision at a meeting of its Conduct Committee and that the investigation will be conducted by the FRC’s Enforcement Division under the Audit Enforcement Procedure.

The FRC is a regulatory body, overseeing auditors, accountants and actuaries.  It also sets the UK’s corporate governance and stewardship codes, promoting transparency in business.