UK seeks tougher sanctions on auditors

The UK's Accountancy and Actuarial Discipline Board thinks it's time to get tough with misbehaving auditors. In a consultation paper, the ASDB, an operating body of the Financial Reporting Council, revealed plans to give guidance on possible sanctions that the tribunals hearing abuse cases could follow. "There is considerable precedent for such guidance," it said. "Sentencing guidelines are widely used and provide a structured approach to determining the appropriate sentence while still allowing for judicial discretion. Sanctions guidance has been adopted by a number of other disciplinary regulators, including the General Medical Council and several of the AADB's Participants."

Source document: The consultation paper is a 47-page pdf file.