UK accounting watchdog plans to bolster audit firm governance By Reuters
© Reuters. FILE PHOTO: A sign for Bank Street and high rise offices are seen in the financial district in Canary Wharf in London, Britain, October 21, 2010. REUTERS/Luke Macgregor
LONDON (Reuters) – Britain’s accounting watchdog plans to strengthen “significantly” its audit firm governance code, it said on Thursday, after a number of issues around audits of UK firms in recent years.
The Financial Reporting Council’s code will apply to the Big Four accounting firms – Deloitte, EY, KPMG and PwC – and to other firms auditing companies, the FRC said in a statement.
The FRC this week fined EY 3.5 million pounds ($4.81 million) for failing to challenge financial statements in its audit of transport group Stagecoach Group’s in 2017.
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