Audit Watchdog Hands Out Record £34.6M In Fines Over Year

By Joel Poultney (July 28, 2022, 12:17 PM BST) -- Britain's accounting watchdog said Thursday it handed out a record £34.6 million ($41.9 million) in sanctions for misconduct and breaches of standards in the financial year to March, up from £16.5 million in the previous year.

KPMG was among the big audit firms to be hit with fines in the year to March as the accounting watchdog said it had handed out a record £34.6 million ($41.9 million) in fines in 12 months. (iStock.com/HJBC) The Financial Reporting Council said in its fourth annual review that the total does not reflect adjustments made for audit firms that cooperated with its investigations. The...

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