December 17, 2019 / 7:52 AM / 2 months ago

Watchdog launches crackdown on auditor conflicts of interest

LONDON, Dec 17 (Reuters) - Britain’s accounting watchdog the Financial Reporting Council has taken action to combat conflicts of interest at auditing firms, after a string of scandals in the industry.

The FRC said on Tuesday that it was introducing a ban on firms providing recruitment and remuneration services to auditing clients.

Under the plans, auditors will only be able to provide non-audit services that are closely linked to the audit itself or required by law, the FRC added.

The watchdog said it would make a final decision on which firms need to follow the requirements early in the new year.

Reporting by Iain Withers, editing by Sinead Cruise

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