Deloitte was fined £1.45 million (€1.736 million) by the UK's audit watchdog over failings in its 2016 audit of Mitie Group.

The Financial Reporting Council also issued a severe reprimand for the auditing giant and sanctioned the engagement partner John Charlton about £40,000. The initial fines were reduced by the regulator after "early disposal".

Both Deloitte and Charlton admitted to breaches "relating to their audit of the company's impairment testing of goodwill in the Healthcare Division," the FRC said Thursday.

“Both the audit partner and the firm have learnt from this process and have taken significant steps to address this issue. We remain committed to audit quality and its continuous improvement,” Deloitte said in a statement. – Bloomberg