Mazars LLP received a modest fine for the botched audit of a listed company Friday, raising questions over the strength of audit regulation in UK crown dependencies such as Jersey.
The Financial Reporting Council said in a press release that the firm had been fined £90,000 ($115,000) for “wide-ranging failings” in the audit. It did not name the company nor the country involved, and failed to reprimand Mazars or to fine its audit partner, as it has routinely done for similar UK cases.
- “It was necessary to impose a Sanction to ensure that Mazars’ audit work is undertaken, supervised and ...