Crowe U.K. dinged $181K by FRC for Aseana Properties audit failures

Crowe U.K. was assessed a penalty of 144,000 pounds (U.S. $181,000) by the U.K. Financial Reporting Council (FRC) for failures in its audit of Aseana Properties Limited’s financial statements for the year ended Dec. 31, 2019.

The FRC reduced its penalty from £180,000 (U.S. $226,000) for cooperation and steps taken to ensure nonrepetition, the regulator announced Tuesday.

The FRC found the reviewed audit unsatisfactory and of poor quality, with specific deficiencies in the carrying value of inventory, assessment of fraud risk, and engagement quality control review oversight.