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Auditor Regulatory Sanctions

The Financial Reporting Council’s Monitoring Committee have determined the following sanctions under the provisions of the Auditor Regulatory Sanctions Procedure, November 2013.

Pursuant to the Auditor Regulatory Sanctions Procedure, and following an inspection by the Financial Reporting Council (FRC)’s Audit Quality Review (AQR) team, the FRC’s Monitoring Committee determined on 10 November 2014 that Ernst & Young LLP had failed to comply with the Regulatory Framework for Auditing in its audit of an entity’s 2013 financial statements. The Sanctions proposed by the Monitoring Committee, and accepted by Ernst & Young LLP, were a condition that Ernst & Young LLP complete by 28th February 2015 specified actions designed to improve the performance of future audits, and a Regulatory Penalty of £52,500.

Pursuant to the Auditor Regulatory Sanctions Procedure, and following an inspection by the Financial Reporting Council (FRC)’s Audit Quality Review (AQR) team, the FRC’s Monitoring Committee determined on 14 January 2015 that Mazars LLP had failed to comply with the Regulatory Framework for Auditing in its audit of an entity’s 2013 financial statements and was liable to sanctions. The Sanctions proposed by the Monitoring Committee, and agreed by Mazars LLP, were a condition that Mazars LLP complete by 31 March 2015 agreed actions designed to ensure the effective performance of future audits, and a Regulatory Penalty of £10,400.

 

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