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Accounting Standards

Value of fines issued by the FRC up 29% in the past year

The regulator has also more than doubled the size of its enforcement team from just 31 in 2020 to 64 in 2022

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The value of fines issued by the Financial Reporting Council (FRC) against auditors has risen by 29% in the past year, from £21m to £27m (year-end August 31, 2023), according to new research by Thomson Reuters.

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