The UK's accounting watchdog is considering imposing bigger fines on auditors found guilty of misconduct, after a new report recommended the body hands out fines of over £10m in serious cases.
The Financial Reporting Council has been criticised this year for being soft on the firms it oversees after dropping its investigations into PwC over its role in the Tesco accounting scandal — the UK supermarket chain overstated its 2014 first-half profits by £208m — as well as clearing KPMG of any misconduct in its audit of British lender HBOS, which collapsed in 2008.
