Italian arms of auditing firms under investigation

The Italian businesses of Grant Thornton and Deloitte & Touche have been formally placed under investigation for their role in the Parmalat collapse, according to reports from Italian news agency Ansa.

Grant Thornton was Parmalat's primary auditor between 1990 and 1999, but the US company continued to be the auditor of Parmalat's Cayman Island based Bonlat.