Car dealership firm Lookers former auditor Deloitte is under investigation by the FRC (Peter Byrne/PA)Accountancy giant Deloitte is under investigation by the industry watchdog over its role in auditing car showroom business Lookers between 2017 and 2018. Deloitte was replaced as Lookers’ auditors last year, having held the role since 2006, by BDO. Earlier this month, the FCA dropped its investigation into Lookers, which was launched in 2019 and which had seen the firm set aside £10.4 million to cover potential fines. A £41.9 million profit in 2018 was also lowered by £7.2 million following an internal investigation into possible fraud. A Deloitte spokesperson said: “We take this investigation seriously and are fully co-operating with the Financial Reporting Council.

Source: Irish Independent March 12, 2021 08:26 UTC