FRC Launches Investigation into Deloitte's Glencore Work

On Wednesday morning, the accountancy regulator announced that it has launched an investigation into Deloitte over audits related to the FTSE 100 giant Glencore. Glencore is one of the world’s largest commodity trading houses. Its operations span coal mining, energy trading and shipping, and it trades hundreds of billions of dollars in commodities every year through its trading and marketing arm. The Financial Reporting Council (FRC) commenced its probe into the statutory audits conducted by Deloitte of the financial statements of Glencore…