Embattled Audit Watchdog Clamps Down Ahead Of Transition
Law360, London (September 6, 2019, 1:40 PM BST) -- The Financial Reporting Council said Friday it has stepped up its enforcement activities and monitored auditing companies more closely in 2019 following a string of high-profile failures by the so-called Big Four.
Tackling shoddy audit work was top of its agenda in 2018 to 2019, the agency said in its annual report. The authority has also worked on beefing up the U.K.’s corporate governance code and developing stricter reporting requirements for the companies it oversees.
“We have boosted enforcement resources, maintained a priority on tackling poor-quality audit work and raised the bar on corporate reporting,” Win Bischoff, chairman of the FRC,...
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