Grant Thornton sanctioned over Interserve

Grant Thornton and audit partner Simon Lowe have both received a severe reprimand from the FRC over the audit of Interserve plc between 2015 and 2017.

Grant Thornton was fined £718,250, and is now required to report to the FRC on its monitoring programme of the quality of audit work on loss-making contracts.

Lowe was fined £38,675.

The financial sanctions were discounted because e of the exceptional cooperation provided by the respondents.