By Najiyya Budaly (January 5, 2022, 11:41 AM GMT) -- The accounting watchdog said on Wednesday that it has sanctioned and fined auditing firm Mazars LLP £250,000 ($338,000) for failing to comply with the regulator's framework when it audited a local government authority's financial statements in 2019.
The Financial Reporting Council said it has sanctioned and fined Mazars for not complying with the U.K.'s regulatory framework for audits. The original penalty of £314,000 was discounted by 20% because Mazars, Britain's seventh-largest accounting firm, cooperated with the investigation and admitted to the failings, the regulator added.
The watchdog said it found that the "most significant failing" was an "insufficient and undocumented challenge"...
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