The UK’s reporting regulator wants greater power to sanction and discipline audit firms - including the introduction of an added licence for auditors of large companies.
The Financial Reporting Council is pushing for “a wider range of sanctions to address shortcomings in audit quality” according to its submission to a House of Lords inquiry.
“We believe the FRC should have responsibility for the licensing of auditors of public interest entities – a task that should be undertaken in addition to the general licensing of auditors within the profession itself,” the FRC said in its submission.
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