Accounting watchdog says firm failed to act with professional competence during 2011 and 2012 audits

Deloitte has been fined £4.2m by the accounting watchdog and severely reprimanded for its audit of Serco’s Geografix division during the outsourcing firm’s electronic tagging scandal.

The penalty comes a day after the company was fined £22.9m by the Serious Fraud Office over the tagging contracts.

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