Audit: Fines
(asked on 11th July 2022) - View Source
Question to the Department for Business, Energy and Industrial Strategy:
To ask the Secretary of State for Business, Energy and Industrial Strategy, how many fines have been issued by the Financial Reporting Council for audit failures in each of the past five years for which figures are available.
The Financial Reporting Council has provided the following information on the fines it has imposed:
Financial year in which fines were imposed | Number of fines imposed against audit firms | Number of fines imposed against audit engagement partners at those firms |
2017/18 | 4 | 4 |
2018/19 | 9 | 14 |
2019/20 | 6 | 6 |
2020/21 | 4 | 4 |
2021/22 | 9 | 9 |
2022/23 (so far) | 0 | 0 |
This information reflects that set out in “Recent Enforcement sanctions imposed against Audit firms and Audit partners” published by the Financial Reporting Council, which is updated as and when further cases are concluded and is available at https://www.frc.org.uk/auditors/enforcement-division/enforcement-outcomes.