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Regulator research poses questions about how fully firms understand what they have committed to.
Financial Reporting Council acts over growing gap between mid-tier firms and the Big Four.
Reforms to UK corporate governance promised in the wake of a series of high-profile scandals have been abandoned or watered down.
Regulators and industry finance bodies signal approval.
The firm has been fined £5.6m ($6.7m) for its failings, and two former partners have also been fined and sanctioned.