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07 Jul 2009
Grant Thornton has agreed to pay nearly £6,000 in fines and costs after it failed to correctly sign off 43 audit reports.
The firm agreed to pay a £2,500 fine and £3,410 in a consent order with the ICAEW's investigation committee after issuing 43 audit reports that had not been signed off by a responsible individual of the firm, contravening audit regulation 4.05.
Andrew Turpin of business recovery specialists P&A Partnership was ordered to pay a regulatory penalty of £1000 for drawing unauthorised remuneration although it was subsequently approved, found the ICAEW's insolvency licensing committee in its latest batch of disciplinary orders and regulatory decisions.
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ICAEW Grant Thornton
The level of the fine ( about £60 per instance ) seems very modest, particularly if there was a record of repetitive irregularity; it seems to me the ICAEW policy on quantum of fines in relation to the message this sort of breach gives to the market from an international branded firm that wishes to compete in listed business sectors and Capital markets where basic compliance should be a given, makes a mockery of the ICAEW'S application of its compliance and regulatory system ( especially when considered against many other regulatory matters reported month to month in Accountancy of a seemingly lesser proportion with equivalent or greater fines ) even insofar as they may have related to one group of clients or one small set of professionals within that firm, if indeed they did.
It is yet another small example- one of many which seem to attach to regulatory systems in professions, finance and banking - of an insufficient and too light touch that surely would leave any informed reader concluding that governance and compliance is still far too patchy and ultimately probably has the detrimental consequence of encouraging cavalier behaviour by socalled preeminent professional services firms.
Mark Evans , ACA www.markjjevans.co.uk
Posted by: Mark Evans , an ICAEW member since 1981, no longer in practice, 09 Jul 2009 | 00:00