FRC looks to increase control over auditors
0The Financial Reporting Council is strengthening its ability to regulate UK audit firms, according to the Financial Times.
The paper reported this week that the FRC has appointed Jamie Symington, a partner at law firm Brown Rudnick and former director of investigations at the Financial Conduct Authority, as deputy executive counsel.
The FRC was branded “toothless” by MPs during a parliamentary inquiry into the failure of Carillion, whose accounts were signed off by accounting firm KPMG.
According to the FT, the FRC levied £32m of fines against UK accountants last year, almost three times more than in the previous year.
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