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FRC to implement recommendations
09 April 2018
The Financial reporting Council (FRC) says that it is implementing the recommendations of the independent review of sanctions undertaken in 2017.
It has now published new updated guidance for the Tribunal that hears Enforcement cases involving auditors, accountants and actuaries.
A panel chaired by former Court of Appeal Judge Sir Christopher Clarke undertook the independent review. Among the suggestions were:
* An increase in fines to £10m or more for seriously poor audit work by Big 4 firms.
* Exclusion from the accounting profession for a minimum of 10 years for dishonesty.
* Greater use of non-financial penalties.
* Sanctions that reflect the level of co-operation by respondents.
The FRCís updated sanctions guidance will take effect on 1 June 2018.
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