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Financial auditors are having a difficult time at the moment. With KPMG and a member of staff being fined over their role in the audit of the 2016 financial statements of Luceco.
The Financial Reporting Council found multiple material misstatements in two areas, where eight breaches of relevant requirements occurred.
‘In the past four years, the Big Four has faced 12 disciplinary sanctions, with several of these sanctions having concerned errors such as not demonstrating professional scepticism and failing to obtain sufficient audit evidence’ – FRC
Ted Dziekanowski
#audit #financialaudit
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