By Paul Brehony and Kate Gee (September 17, 2021, 6:01 p.m. EDT) – The Financial Reporting Council is expected to be replaced soon by a new regulator, the Audit, Reporting and Governance Authority, or ARGA. Still, even in its twilight, the FRC is stepping up the pressure on the Big Four accounting firms in particular – often against the backdrop of concerns about audits.
The FRC recently fined accounting firm Ernst & Young LLP £ 2.2million ($ 3.02million) for material breaches in its audit of Stagecoach Group PLC. He also said audit giant KPMG International fell short of expected industry standards for the third year in a row, a result the …
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