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Audit updates: June 2019

In this month’s audit updates, FRC reveals final plan and budget, KPMG in £5M Co-Op Bank fine, Mazars bags Goldman Sachs audit, ‘opinion shopping’ hides red flags, Laura Ashley audit fines, Anglo American ditches Deloitte and IAASB consults on audit simplification

FRC overhaul sees budget hike amid hiring spree

The Financial Reporting Council (FRC) is to increase its budget significantly in 2019/20 to £37.8m and plans to hire additional staff to improve its oversight and monitoring of audit firms, while supporting its transition to a new regulatory body.

The FRC will increase its annual budget to £37.8m in 2019/20, up significantly year on year from actual reported £28.6m spending in 2018/19. Core operating costs have been set at £32.4m, an increase of 14% compared to £28.4m in 2018/19.

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