UK watchdog fines auditor BDO for unintentional breaches
The fine was reduced to £160,000 over breaches related to documentation, provisions for claims and the use of independent actuaries as experts
29 July 2020 - 17:15
London — Britain’s accounting watchdog fined BDO £160,000 on Wednesday for unintentional rule breaches in its audit of international insurer AmTrust Europe (AEL), saying the auditor will have to implement a training programme.
The UK Financial Reporting Council (FRC) said the fine was reduced from £200,000 for early admissions regarding audits for 2014 and 2015. The truth and fairness of the financial statements for the two years were not in question, and the breaches were not intentional, the FRC said...
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