FRC fines Mazars $92K over missed material misstatement


The U.K. Financial Reporting Council (FRC) fined audit firm Mazars 72,000 pounds (U.S. $92,000) for “wide-ranging failings” in its audit of an unnamed market traded company.

The FRC said in a press release Friday the firm’s lack of quality controls caused it to miss a material misstatement regarding the classification of convertible loan notes

Mazars did not identify the misstatement until after the audit, the FRC said. Other areas of concern included the way in which bonus payments were addressed by the firm.

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