Firms may still worry about whether
new sanctions guidance will mean a more rigorous regime, despite more
predictability, says Simon Perkins
One of key roles for the Financial Reporting Council (FRC) is
to oversee the conduct of actuaries and accountants, a responsibility
it took over from the Accountancy and Actuarial Disciplinary Board.
It has the power to perform investigations of both individual accountants
and firms. It can also levy sanctions, in much the same way as the
Financial Conduct Authority (FCA) operates in the financial services
sector.
In a consultation last year into proposed changes of its sanctions,
a headline proposal attracting much criticism was the suggestion of
basing fines upon a firm's annual group turnover.
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