Imposed sanctions relate to statutory audits of four companies belonging to the same ownership group and were carried out between 2018 and 2020.
Financial reporting
The SFC said the penalty is due to failures relating to product due diligence, recordkeeping, and late reporting.
Voluntarily adoption of semi-annual financial reporting (SAR) as part of a multi-year pilot is inline with SEC Chair Atkins supporting a shift from quarterly reporting.
A failure to adhere to standards for communications between predecessor and successor auditors is at the heart of the violation.
Paul Atkins has threatened to ban overseas companies from using IFRS if they include any sustainability concerns.
A closer reading of the Chair’s comments in the speech shows, as a primary focus, explicit and very prosaic concerns about the IFRS Foundation’s long-term solvency and stability.
The FCA has outlined its next steps, which focus on enhancing and simplifying the sustainability reporting framework.
Top investors including Qatar are realising they may have backed a business that largely reported artificial revenues