Big Four accounting firms could face fines of up to £10m or more for faulty audits, a report proposes for UK regulators. The report, compiled for the Financial Reporting Council (FRC), concludes that it may be appropriate to impose the fines when auditors are found to have submitted "seriously poor audit work". The report also recommended greater use of non-financial penalties "to be imposed to maintain and enhance the quality and reliability of future audit and accountancy work..." The proposals include banning an individual auditor for up to ten years. The FRC said: "The FRC welcomes the report and is grateful to the review panel for its work. The FRC will now carefully consider the report in order to decide which recommendation