Posted by Chris Deeley, Trainee Solicitor
With the evidence right under their noses – are the auditors actually to blame for Patisserie Valerie collapse?
Whether or not Patisserie Valerie is saved from the brink, this will likely be of scant consolation to the current shareholders who have seen millions of pounds wiped off the value of their collective investments. With details of the fraud and its perpetrators still unknown, the spotlight may fall on the company’s auditors, Grant Thornton. With reports of “thousands of false entries” in Patisserie Valerie’s ledgers, could they be liable to the shareholders for failing to spot the fraud apparently passing right under their noses?