Overview

• The Financial Reporting Council has opened a formal probe into Deloitte’s statutory audits of Glencore plc and Glencore Energy UK for the years ending 2013 to 2020.
• Regulators are examining if Deloitte’s audits gave sufficient consideration to the risk that Glencore breached laws and regulations in its reporting.
• Deloitte has pledged full cooperation with the FRC and reiterated its commitment to maintaining the highest audit quality standards.
• Glencore paid a record £281 million penalty for seven counts of bribery in 2022 and faces Serious Fraud Office charges that include a planned 2027 trial for former executive Alex Beard.
• This marks Deloitte’s fifth FRC inquiry in five years after four previous sanctions that together total more than £18.5 million in fines.