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UK watchdog investigating Deloitte audits of Lookers

Mar 12, 2021

LONDON (Reuters) – Britain’s accounting watchdog said on Friday it had opened an investigation into audits conducted by Deloitte of car dealership operator Lookers.

The investigation will look at financial statements for the years ended Dec. 31 2017 and 2018, the Financial Reporting Council said in a statement.

Deloitte said it was taking the investigation seriously and was fully cooperating with the FRC.

“Audit quality is our priority and we are committed to maintaining the highest professional standards,” Deloitte said.

Lookers has said that it had identified potentially fraudulent transactions at one of its units and was probing its 2019 accounts.

Deloitte told Lookers in June 2020 that it intended to resign as auditor following the publication of its 2019 results.

(Reporting by Huw Jones; Editing by Jason Neely and Alex Richardson)