The U.K. audit regulator, the Financial Reporting Council (FRC), has fined audit firms and their partners £12.9 million ($17.37 million) for audit misconduct over the past year.

Second-tier firm BDO received the largest fine of £7.4 million ($9.96 million) for “serious” audit failings. Big Four firm PwC received the second-largest fine of £3.3 million ($4.4 million).

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Ruth Prickett graduated from Cambridge University with a BA hons in History and has specialized in business and finance journalism for the past 20 years. She was editor of Financial Management, the magazine...