The UK’s audit watchdog handed out a record £32m in fines for misconduct and standards breaches during 2018-19, more than double the prior year’s figure, as auditors have come under unprecedented pressure over a string of corporate failures.

In its first annual review of its fines and penalties, published on July 31, the Financial Reporting Council said the “significantly higher number” was due to several large investigations concluding during the year, plus an increase in the seriousness of the misconduct it found.