Accounting disciplinary body charges Scicluna, Deloitte’s chairman

Deloitte’s Chairman Martin Scicluna has been charged by UK Accounting Disciplinary body with failing to report Stephen Ives, a Deloitte partner who audited the casino operator capital group. Mr Ives was banned as an accountant and fined £870,000 after it was found he had fraudulently obtained a Range Rover from Capital.

In the case of Parlmalat, the dairy that went bust with debts of £9.5bn, the firm was charged with muzzling an auditor who raised tricky questions about the Italian group’s finances upto 33 months before its spectacular collapse.

Auditing of Parmalat empire was split between Grant Thorton and Deloitte, with Deloitte responsible for the consolidated audit of the whole group. Both auditing firms have been criticised for their work and are facing civil and potential criminal action over the Parmalat collapse.