UK directors to face fines in major overhaul of audit rules

UK directors will reportedly face fines for accounting failures at their companies as part of a major overhaul of the audit sector.
Long-awaited reforms, set to be published as early as next week, will place a tough new burden on bosses in an effort to improve audit standards.

Directors, rather than boards, will be held personally responsible for financial reporting and will face fines or temporary bans if they are found to have fallen short of their duties, the Financial Times reported.

Source: CityAM
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