FRC: Sanctions against Ross Howard in relation to the audit of Serco Geografix Ltd

29 Oct 2019 11:29 AM

The Financial Reporting Council (FRC) has today 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), which has been published by the FRC here.

Mr Howard, who was Deloitte’s audit engagement partner for Serco Geografix for the 2012 audit, has been fined £120,000 (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.

Mr Howard failed to act in accordance with the Fundamental Principle of Professional Competence and Due Care.

Ross Howard Settlement Agreement link.

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William BoyackCommunications Manager