Why Can the Government not chastise these sort of Selfish People ?
Stephen Weatherseed & Co
Wednesday 05 January, 2022
Financial RepCouncil
FRC Sanctions against Mazars
Sanctions against Mazars
05 January 2022
Pursuant to the Auditor Regulatory Sanctions Procedure, the FRC's Enforcement Committee (the Committee) has concluded that Mazars LLP (Mazars) failed to comply with the Regulatory Framework for Auditing in its audit of a local government authority's 2019 financial statements.
The Committee issued a Notice of Proposed Sanction proposing a Regulatory Penalty of £314,000, adjusted by a discount of 20% for co-operation and admissions to £250,000. The Sanction has been accepted by Mazars.
In addition, the Committee has accepted written Undertakings proposed by Mazars. The Committee found failures in the reviewed audit, which it considered fell far short of the applicable standards and regulations and had the potential to undermine confidence in the standards in general of registered auditors.
The Committee acknowledges that Mazars provided co-operation, including at an early stage, and made certain admissions.
Notes to editors:
1. The FRC's purpose is to serve the public interest by setting high standards of corporate governance, reporting and audit and by holding to account those responsible for delivering them. The FRC sets the UK Corporate Governance and Stewardship Codes and UK standards for accounting and actuarial work; monitors and takes action to promote the quality of corporate reporting; and operates independent enforcement arrangements for accountants and actuaries. As the competent authority for audit in the UK the FRC sets auditing and ethical standards and monitors and enforces audit quality.
Further details of the Sanction are available on the FRC website and can be found here.
Past FRC Enforcement Outcomes can be found here.
The FRC is the independent body responsible for, amongst other things, monitoring the quality of major local audits in England. The monitoring and inspection of major local audits are conducted by the FRC's Audit Quality Review team. The FRC's Auditor Regulatory Sanctions Procedure (ARSP) applies to failures or suspected failures to comply with the Regulatory Framework for Auditing. A copy of the ARSP is available on the FRC's website and can be found here.
2. All media enquiries should be directed to the FRC communications team:
· Kate O'Neill, Director of Stakeholder Engagement and Corporate Affairs, on telephone 07714415229 or email: k.oneill@frc.org.uk.
· William Boyack, Senior Communications Manager, on telephone: 020 7492 2307/ 07480 210166 or email: w.boyack@frc.org.uk.
3. If you no longer wish to receive press releases from the FRC please email unsubscribe@frc.org.uk.
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