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Grant Thornton faces $272 million lawsuit for accounting failure


U.K.-based cake shop chain Patisserie Valerie Group’s liquidators FRP Advisory LLP have sued audit firm Grant Thornton UK LLP £200 million ($272.4 million) for accounting failures, City AM reported. Grant Thornton’s alleged negligence in auditing Patisserie Valerie’s financial statements from September 2014 through September 2017 is cited as the reason for the Patisserie Valerie’s failure to identify the significant fraud and financial inadequacy it was facing.

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