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U.K. Watchdog Raising Scrutiny of Smaller Auditors, Probe Shows

Jan. 7, 2022, 5:55 PM

The U.K. accounting watchdog said Friday that it is investigating another midsize auditor, the latest sign that it is serious about cracking down on smaller firms.

The Financial Reporting Council is investigating MHA Macintyre Hudson’s audits of a U.K. financial services company for the 2018 and 2019 financial years. The news comes just days after the watchdog fined Mazars, also a midsize firm, for audits that “fell far short of the applicable standards and regulation.”

The new investigation concerns MHA’s work for MRG Finance, a subsidiary of Monaco Resources Group, a mining and natural resources company with 2020 revenues ...