Deloitte is facing an investigation from the Financial Reporting Council (FRC) over its statutory audits of mining firm, Glencore.

The probe relates to eight years’ worth of audits by the accounting firm for the financial years ending 2013 up to 2020 and relates to Glencore and a UK subsidiary.

Glencore, a FTSE 100 listed mining group headquartered in Switzerland, and its subsidiary, Glencore Energy UK, have been subject to investigations by Government agencies into misconduct. In 2022, the company paid fines totalling £281m for charges of seven counts of bribery, which was at the time the largest ever payment imposed on a company by a UK court.

The FRC’s new investigation will examine whether Deloitte gave “sufficient consideration” to the risk of non-compliance with laws and regulations, the regulator said.

The investigation will be conducted by the FRC’s enforcement division under the audit enforcement procedure.

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