The U.K. Financial Reporting Council on Wednesday fined Grant Thornton £1.95 million (U.S. $2.4 million) for firmwide ethical and independence failures concerning its audit of alcohol retailer Conviviality Retail before the latter collapsed in 2018.

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Jaclyn Jaeger is a freelance contributor to Compliance Week after working for the company for 15 years. She writes on a wide variety of topics, including ethics and compliance, risk management, legal,...