The UK’s Financial Reporting Council (FRC) has launched an investigation into Deloitte LLP’s audit of Glencore (OTC:GLNCY) and its subsidiary Glencore Energy UK Limited, according to a statement on the regulator’s website.
The investigation covers Deloitte’s audits of Glencore for the financial years ended December 31, 2013, through December 31, 2020, representing an eight-year period of scrutiny.
The FRC, which serves as the UK’s audit regulator, did not provide additional details about the specific concerns prompting the investigation in its announcement.
Glencore, a major global commodity trading and mining company, and Deloitte, one of the “Big Four” accounting firms, now face regulatory examination of their financial reporting practices spanning nearly a decade.
