The Financial Reporting Council is strengthening its ability to regulate UK audit firms, according to the Financial Times.
The paper reported this week that the FRC has appointed Jamie Symington, a partner at law firm Brown Rudnick and former director of investigations at the Financial Conduct Authority, as deputy executive counsel.
The FRC was branded “toothless” by MPs during a parliamentary inquiry into the failure of Carillion, whose accounts were signed off by accounting firm KPMG.
According to the FT, the FRC levied £32m of fines against UK accountants last year, almost three times more than in the previous year.
