Fines For UK Auditors Jump 48% Amid Enforcement Push

Law360, London (January 3, 2020, 2:30 PM GMT) -- Fines levied on audit companies rose 48% in 2019, as the government plans to beef up the sector's regulator this year following a string of high-profile corporate collapses.

The Financial Reporting Council issued fines totaling £24.9 million ($32.6 million) last year, compared to £16.8 million in 2018, according to an analysis of figures released Thursday by law firm RPC.

The government plans to replace the FRC this year with a tougher regulator for the auditing sector following the collapse of construction company Carillion, retailer BHS, café chain Patisserie Valerie and tour company Thomas Cook after it collapsed with £1.7 billion in debt....

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