Watchdog Fines, Rebukes BDO For Insurance Audit Failings

Law360, London (July 29, 2020, 12:07 PM BST) -- The Financial Reporting Council said Wednesday it has imposed a fine of £160,000 ($207,000) on BDO LLP and handed the auditor a formal reprimand for its handling of the accounts of insurer AmTrust Europe.

The accounting watchdog said it has fined BDO LLP for failings "in an area of high audit risk" in its statutory audit of the financial statements of insurer AmTrust Europe Ltd. for the years ended December 2014 and December 2015. The fine was reduced from £200,000 because the company cooperated.

The watchdog also imposed additional requirements on the auditor as part of the penalty and issued a formal...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.


  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!

TRY LAW360 FREE FOR SEVEN DAYS

Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Beta
Ask a question!