Regulator Tightens UK Accounting Rules To Fight Fraud

Law360, London (May 27, 2021, 10:58 AM BST) -- Britain's accounting watchdog rolled out new accounting rules on Thursday as it seeks to improve detection of fraud in financial statements after a spate of scandals rocked the U.K. audit sector.

The new rules will oblige auditors to act on "suspected fraud" and to ensure that accounts do not contain misstatements, either through deception or error. (iStock) The Financial Reporting Council has published a new set of standards governing how closely auditors must oversee the accounts given to them by company bosses. The rules place new responsibilities on auditors to act on "suspected fraud" and to actively ensure that accounts do...

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