Glencore Audits by Deloitte Probed by UK Watchdog

(Bloomberg) — The UK’s accounting watchdog is investigating Deloitte LLP’s work on Glencore Plc and a UK unit, amid corruption scandals involving the commodity giant.

Glencore and its Glencore Energy UK Ltd. unit “have been subject to investigations by government agencies into misconduct,” the Financial Reporting Council said in a statement on Wednesday. 

The investigation “will include whether Deloitte LLP gave sufficient consideration to the risk of non-compliance with laws and regulations,” it said.

Glencore has paid a heavy price to resolve various investigations around the world. The company in 2022 pleaded guilty to corruption and market manipulation cases in the US and UK, admitting that it had paid bribes to win business in eight countries from Brazil to South Sudan. 

The UK probe targets statutory audits of the financial statements for the financial years ended Dec. 31, 2013 to 31 Dec., 2020, the FRC added.

The probe is the latest in a line of investigations focusing on Deloitte’s audits — although the UK agency has frequently punished other members of the so-called Big Four accountancy firms. 

Recently, it started an investigation into Deloitte’s work on units of Stenn Technologies, the trade-finance firm backed by some of the world’s biggest banks that unraveled last year amid allegations of fictitious transactions.

In 2022 Deloitte was fined £1.45 million ($2 million) by the FRC over failings in its 2016 audit of Mitie Group Plc.

 

–With assistance from Samuel Stolton.

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