The auditors will be fined for mistakes in Britain

The Financial Reporting Council of the UK heeded the recommendations of the independent opinion of the court of Appeal judge on disciplinary action taken against professional standards-violating audit firms.

It is expected to shift the focus towards fines while increasing them – at least to £10 million in case of serious violations. Among other potentially effective measures of influence are exclusion from the profession of auditor for 10 years for dishonesty, increased use of non-financial penalties, considering the degree of guilt of other persons in the violations.

Changes in the internal management of the British regulator on the application of disciplinary measures against audit companies come into force on June 1^st current year.

On materials of the following website: https://www.frc.org.uk/getattachment/776f0f4c-b3c5-4de8-a5b0-2b3bac45f778/Accountancy-Scheme-Sanctions-Guidance-(April-2018).pdf