UK ACCOUNTING WATCHDOG SAW RECORD NUMBER OF AUDIT CASES IN 2022
August 26th, 2023
British accountancy regulator the Financial Reporting Council (FRC) resolved a record 19 investigations in the financial year 2022/23, imposing fines worth GBP40.5 million (USD51.5 million) for audit failings mainly on audit firms, with GBP1 million (USD1.27 million) of these penalties levied on their senior partners. The FRC’s latest Annual Enforcement Review (1) shows the year also saw the FRC’s highest ever sanction of GBP20 million (later reduced to GBP14.4 million for cooperation) imposed by an independent tribunal for misconduct on KPMG, a former ...
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