Mazars has been fined $ 250,000 by a UK accounting officer for failing to conduct a public-private audits.
The findings against Mazars are a reflection of a The problem is exacerbated by the scrutiny of local government accounts, which has been slightly criticized over the last decade for the reduction and the significant reduction in accounting costs.
Only 9 per cent of government agencies in England published the audited accounts for the 2020-21 financial year by the end of September, leading to questions about oversight and oversight in government.
Nearly one third of the surveys in the sector were found to need to improve the annual reports of the Financial Reporting Board, half of which came from old accounts because the most recent ones had not been completed on time.
The FRC has fined the Mazars for violating the rules in their review of the 2019 financial statements of unnamed government officials.
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The penalty was reduced by 20 percent from $ 314,000 to reflect Mazars’ agreement and acceptance, the FRC said. The company also provided action to address its concerns, the observer added.
The penalty will increase concerns over the investigation of Mazars’ research by other middle accountants hoping to gain market share from Big Four companies – Deloitte, EY, KPMG and PwC – who have also been criticized for failing to raise red flags. collapse of companies like Carillion foreigner and BHS dealer.
Mazars is being investigated by the FRC on its own search for French Connection vendors while Grant Thornton was fined £ 3m four months ago for his investigation into chain cafe Patisserie Valerie and outsourcer Interserve.
Mazars is the third largest accountant for the federal government and healthcare organizations in England, which owns 15 percent of the market, according to the FRC.
“Having worked closely with the FRC throughout the investigation, we acknowledge and regret that our work did not meet our expectations,” Mazars said.
The company added that it had made a lot of money in its units and methods and that all four auditions combined with last year’s FRC survey received the highest ranking position.
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