BDO Fined £2M Over Audit Failures

The FRC's investigation uncovered multiple instances where BDO failed to properly challenge NMCN's financial reporting before the company's collapse in 2021.

The regulator also sanctioned the former head of BDO's London audit group, who was responsible for overseeing the account.

BDO has admitted to the breaches and stated it has since implemented 'significant improvements' to its audit processes.

The penalty is one of the largest ever issued to a mid-tier accounting firm in the UK.