FRC looks to increase control over auditors

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The 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.