LONDON—Accountancy firm Grant Thornton has been fined for its audit of Patisserie Valerie, the British cafe chain that collapsed in 2018, throwing 900 people out of a job and triggering a separate fraud investigation into accounting irregularities.
The Financial Reporting Council (FRC) said it was fining Grant Thornton 4 million pounds ($5.47 million) but would cut it to 2.34 million pounds due to mitigating factors, as well as imposing non-financial measures to improve its procedures.
