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UK accounting watchdog plans to bolster audit firm governance By Reuters 

© Reuters. FILE PHOTO: A sign for Bank Street and high rise offices are seen in the financial district in Canary Wharf in London, Britain, October 21, 2010. REUTERS/Luke Macgregor

LONDON (Reuters) – Britain’s accounting watchdog plans to strengthen “significantly” its audit firm governance code, it said on Thursday, after a number of issues around audits of UK firms in recent years.

The Financial Reporting Council’s code will apply to the Big Four accounting firms – Deloitte, EY, KPMG and PwC – and to other firms auditing companies, the FRC said in a statement.

The FRC this week fined EY 3.5 million pounds ($4.81 million) for failing to challenge financial statements in its audit of transport group Stagecoach Group’s in 2017.

($1 = 0.7273 pounds)

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