FRC says Grant Thornton ‘missed red flags’ and failed to question information from management
The auditor of Patisserie Valerie has been fined £2.3m and accused of a “serious lack of competence” over its role in the accounting scandal that led to the collapse of the cafe chain.
Grant Thornton, which served as Patisserie Holdings’ auditor from 2007 until the company’s collapse in early 2019, accepted there were failures in the audit work, including statements around revenue, cash and the company’s fixed assets.