The soon-to-be obsolete FRC – to be replaced by a new beefed-up regulator imaginatively called the Audit, Reporting and Governance Authority – announced an increase in fines to £43 million from £15 million in 2017, a total 27 cases, up from 11 last year. Director Elizabeth Barrett commented that the size of each fine had increased: ‘’the purpose of the sanctions is to deter bad behaviour and send a message to the market’’. Maybe too little too late. Also, she revealed they had 41 open cases, more than half on auditing issues, yet only 9 have been publicly announced, and that the speed of investigations had lengthened from 77 to 82 months.
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