Deloitte Restructuring Sale
Deloitte is putting up its restructuring arm up for sale. This is happening in the UK. Daniel Butters has told everyone that he is going to start discussions with private equity firms to sell the firm.
The business is expected to do well because of covid related business issues. There will be a lot of companies that have financial struggles and rather just sell their company outright or reorganize.
KPMG has already been looking into this as well.
Deloitte Fined By FRC
In another story about Deloitte, they have been fined by the Financial Reporting Council in the UK again. They have been fined 470,000 in the UK. The fine was for an audit of U.K. benefit plan that was not named.
This is just another example of the big 4 facing tons of regulatory sanctions in the UK.
The penalty could have been higher, but Deloitte admitted to wrong doing so the amount was lowered.
A deloitte partner was also reprimanded as part of the deal.
Deloitte was fined because they did not obtain enough audit evidence.
Deloitte Settles Claims Of Underpaying Women In The U.S.
The last story for today is that Deloitte also had to settle claims that they underpaid women. They have to pay $275,000 in backpay to 34 female employees in the United States. This occurred in Tennessee and Georgia in the united states.
Deloitte denies that they discriminated against women.