(Reuters) -Britain’s accounting watchdog said on Wednesday that it is investigating Deloitte LLP’s audits of commodities trader Glencore and one of its divisions for the financial years ended December 2013 through December 2020.
The Financial Reporting Council (FRC) is examining whether Deloitte properly assessed the risk of legal and regulatory breaches during its audits.
Glencore and its unit, Glencore Energy UK Limited, have faced extensive investigations by government agencies in recent years over allegations of bribery and corruption.
The firm’s former head of oil Alex Beard and five other ex-employees of the Swiss commodity trader will stand trial in a London court in 2027 on bribery charges.
“We are committed to the highest standards of audit quality and will fully co-operate with the Financial Reporting Council,” a Deloitte UK spokesperson told Reuters.
Glencore declined to comment.
(Reporting by Yamini Kalia in Bengaluru; Additional reporting by Lawrence White in London; Editing by Mrigank Dhaniwala, Sherry Jacob-Phillips and Louise Heavens)
