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Regulators

Auditor fines issued by FRC jump 180% to £25m in a year, study shows

Confirmation, an audit confirmation group, said the increase shows that the FRC is continuing to use fines as part of its ‘campaign’ to improve the quality of the audit work that accountancy firms provide

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The value of fines issued by the Financial Reporting Council (FRC) to auditors rose 180% to just under £25m in the last year, up from £8.9m in the previous twelve months. This was driven by a record high £20.6m fine, according to a study by audit confirmation solution, Confirmation, a part of Thomson Reuters.

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