FCA drops investigation into Mitie profit warning

The Financial Conduct Authority has ended its investigation into Deloitte’s auditing work at facilities services contractor Mitie Group.

The watchdog launched an investigation in August last year over the timing and content of two profit warnings issued by the company in 2016 and how financial information had been prepared and presented.

The UK’s accountancy watchdog, the Financial Reporting Council, opened a separate investigation into Deloitte’s auditing of Mitie’s accounts for the years ending 31 March 2015 and 2016 at the end of July last year.

Mitie issued a statement declaring: “On 26 June 2018, the FCA advised the company that it was discontinuing its investigation into the company.”

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