Mazars Fined GBP250,000 Over Audit Failures by U.K. Regulator

Mazars was fined GBP250,000 pounds by the U.K.’s accounting regulator for failures in its audit of a local government authority’s 2019 accounts.

• Mazars work “fell far short of the applicable standards and regulation and had the potential to undermine confidence in the standards in general of registered auditors,” the Financial Reporting Council said
• The fine was reduced by 20% because of cooperation from Mazars, which made certain “admissions” in the case and accepted the sanction: FRC
• Mazars has also made written undertakings to improve the quality of its work which have been accepted: FRC
• Mazars didn’t immediately respond to an ...