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FRC sanctions audit firm and partner for conflict of interest breaches

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The regulator was appointed to perform over 140 audits of companies that were part of the GFG Alliance. Photo: Wiyada Arunwaikit/Getty Images

Hameed Shuja

2 min read
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Imposed sanctions relate to statutory audits of four companies belonging to the same ownership group and were carried out between 2018 and 2020.

The UK’s accountancy watchdog has imposed financial penalties and bans on a London-based audit firm and one of its senior partners for failing to meet required standards around conflict of interest in the audits of four different companies belonging to the Gupta Family Group (GFG) Alliance.

The Financial Reporting Council

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