The UK Financial Reporting Council (FRC) imposed record-level fines on auditors during 2022/23, totaling £33.2 million. This represents an increase from £32.8 million in the previous year and an even larger spike from £19 million in 2020/21.
The FRC was meant to be replaced by a new entity, but the process has been delayed by legislators. The "Audit, Reporting and Governance Authority" (ARGA) was intended to restore public trust after several high-profile business audit failures and business collapses that harmed investors. Nevertheless, Richard Moriarty, CEO of the FRC, remains committed to the organization's mission.
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