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UK Financial Reporting Council to raise benchmark of bank audits

The British Financial Reporting Council Ltd. launched a revised international auditing standard Dec. 12, covering the assessment of expected credit losses at banks and building societies.

Under the standards, auditors will have to apply a higher benchmark when looking at banks' risk assessment procedures and disclosures.

Audit firms have until March 8, 2019, to respond to the standards.

The FRC regulates audit firms and has faced criticism over its handling of investigations into certain corporate accounting scandals.