FRC audit fines up 44% to £24.3m
There was a 44% hike in the value of fines issued by the Financial Reporting Council (FRC) to audit firms last year, following a global trend which sees its replacement regulator set to impose even tougher sanctions, according to analysis by Thomson Reuters.
Thomson Reuters calculates last year’s FRC fines hit £24.3m, up from £16.9m the year before, and says the increase is seen as setting the tone for the regulator’s replacement, the Audit Reporting & Governing Authority (ARGA), which is expected to launch by March 31 2020.
Read more at Accountancy Daily.
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