Economics
U.K. Fines Grant Thornton, Sanctions Ex-Managers for Audit
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The Financial Reporting Council fined Grant Thornton UK LLP and sanctioned two of the auditor’s former executives for failing to maintain ethical standards, in the latest critique by regulators of accounting firms’ shortcomings.
The accounting firm will pay 1.95 million pounds ($2.45 million) and another 207,000 pounds in costs, the FRC said Wednesday in an email. Natasha Toy, a former senior manager at the firm, and an ex-audit engagement partner, Kevin Engel, were sanctioned, the FRC said.