BDO Focuses on Audit Quality as UK Watchdog Levies Latest Fine

Accounting and advisory firm BDO UK says it has taken steps to improve its audit arm’s work in the wake of issues with its review of a construction company’s accounts before it collapsed financially.

The Financial Reporting Council hit the firm with a £2 million ($2.7 million) fine over its audit of NMCN Plc, which collapsed in 2021. The fine, announced Thursday, was cut to £1.3 million because BDO cooperated with the audit watchdog’s investigation.

“We have made significant structural changes within our audit practice in the six years since this audit,” a BDO spokesperson said in an ...