UK Accounting Watchdog Seeks to Accelerate Enforcement Efforts

The UK’s audit watchdog launched a “comprehensive” review of its enforcement process, introducing options to avoid the need for full investigations.

The Financial Reporting Council proposed Wednesday an accelerated procedure to resolve cases faster and a way for audit firms to conduct their own reviews under FRC oversight.

The council also suggested an option to make the public aware of enforcement efforts for less serious offenses and their outcomes. Currently, there is a straight choice between a formal investigation of a complaint and what the FRC calls “constructive engagement,” where it imposes quick, targeted remedial actions on a firm to ...