A record £33.1m in fines was issued to UK audit firms in the last 12 months for failures related to audit work

The total figure for sanctions for audit firms and partners before discounts for co-operation was £48.2m in 2023-24, significantly up on £40.5m in 2022-23. Even after discounts the fines totalled £33.1m, although this figure was less than the £34.6m of sanctions meted out in 2021-22.

This year’s figure was distorted by two massive fines of £30.6m, discounted to £21.4m, doled out to KPMG for misconduct and audit failures related to the Big Four firm’s audit work for collapsed outsourcer Carillion.

The past year was notable for the conclusion of several high profile cases, most significantly the major Carillion audit investigations and probes into audits of London Capital & Finance by three different audit firms, PwC, EY and Oliver & Co resulting in more than £14m in fines, the Financial Reporting Council (FRC) stressed in its annual enforcement review.