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UK audit firms face bigger fines, longer bans under tougher sanction guidelines

( April 9, 2018, 16:36 GMT | Official Statement) -- MLex Summary: Big UK audit firms should face fines of 10 million pounds or more for poor work, and auditors should be banned from the profession for at least 10 years in cases of dishonesty, under tougher sanctions guidelines from the British accounting industry watchdog that will take effect on June 1. The biggest penalty to date from the Financial Reporting Council’s enforcement tribunal has been 5.1 million pounds.The text of the statement follows. The full documents are attached below....

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