Watchdog Fines, Rebukes BDO For Insurance Audit Failings

Law360, London (July 29, 2020, 12:07 PM BST) -- The Financial Reporting Council said Wednesday it has imposed a fine of £160,000 ($207,000) on BDO LLP and handed the auditor a formal reprimand for its handling of the accounts of insurer AmTrust Europe.

The accounting watchdog said it has fined BDO LLP for failings "in an area of high audit risk" in its statutory audit of the financial statements of insurer AmTrust Europe Ltd. for the years ended December 2014 and December 2015. The fine was reduced from £200,000 because the company cooperated.

The watchdog also imposed additional requirements on the auditor as part of the penalty and issued a formal...

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