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Global Auditors To Face Tougher UK Regime, Regulator Warns

Law360, London (March 4, 2019, 5:13 PM GMT) -- International auditing giants could be made to conduct tougher checks on whether their British clients are able to stay afloat following concerns about the “quality and rigor” of their scrutiny, Britain’s accountancy regulator said on Monday.

The Financial Reporting Council warned that auditors could face requirements that are “significantly stronger than those required by international standards” as it prepares to tighten the regulatory framework governing the sector.

The watchdog said it wants to strengthen checks on whether a client's business is a “going concern.” It plans to clamp down on the sector after some auditing companies failed to raise the alarm...

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