Accounting and advisory firm BDO UK says it has taken steps to improve its audit arm’s work in the wake of issues with its review of a construction company’s accounts before it collapsed financially.
The Financial Reporting Council hit the firm with a £2 million ($2.7 million) fine over its audit of NMCN Plc, which collapsed in 2021. The fine, announced Thursday, was cut to £1.3 million because BDO cooperated with the audit watchdog’s investigation.
“We have made significant structural changes within our audit practice in the six years since this audit,” a BDO spokesperson said in an ...