Following criticism that all the fines for audit misconduct are paid to the various professional bodies, ICAEW has come forward to voice its support for fines given by the FRC to accountancy firms which have mishandled audits to go to the Treasury instead of to accountancy groups.

The accountancy group released an official statement on Wednesday which said it would be ‘happy to discuss reforms to the FRC’s regulatory framework’ with the Department for Business, Energy, and Industrial Strategy (BEIS), FRC, and ARGA, ‘when it is eventually established’.

The statement said: ‘ICAEW would welcome a rationalisation of the different schemes which now exist to pay for this aspect of the FRC’s regulatory work.

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