Audit Watchdog Fines Double As It Readies For Handover

Law360, London (May 24, 2019, 12:50 PM BST) -- Fines handed out by the U.K. auditing watchdog almost doubled in the last year, figures published Friday revealed, as its prepares to be replaced by a stronger regulator after being described as a “hangover from a different era” in a government-backed review.

The Financial Reporting Council said its investigations led it to impose fines on large accounting companies of more than £23 million ($29 million) for the year that ended March 2019, up from £12 million in the year before.

The watchdog has been labelled toothless, and critics have said it is too close to the companies its regulates. But the last...

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