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15 Sep 2011
THE ICAEW has clamped down on two firms found guilty of poor audit practices, ordering them to pay fines totally more than £11,000.
R T Marke & Co Ltd was slapped with a £3,000 fine and costs of almost £2,400 after it wrongly signed off on unaudited financial statements for companies too big to meet the exemption threshold, the North Devon Journal reports.
Sully & Co faces a similar levy after preparing accounts that fell short of the financial reporting standard for smaller entities (FRSEE).
The institute commented: "Both [firms] have breached audit regulations. We have proof and have taken action against them. They should have made some kind of comment to explain something, possibly a discrepancy, that occurred within the audit report and they didn't."
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Visitor comments Add your comment
Another easy target
The ICAEW loves an easy target. Yet again the crush the little guy whilst groveling at the feet of the mighty. I would be very interested to know as a percentage of turnover of the firm the fines imposed represent. Now compare this with the percentage of turnover fines imposed on the final four - I bet the little guy has been dealt with far more harshly
Posted by: albert camus, 16 Sep 2011 | 12:50