Top50 +50 firms face ICAEW audit fines

by Kevin Reed

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15 Aug 2012

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ICAEW at Moorgate Place

TWO TOP 50 +50 FIRMS have been fined thousands of pounds by the ICAEW's Audit Registration committee, in the institute's latest round of disciplinaries.

Beever and Struthers has agreed to pay a £5,750 regulatory penalty, after partners in its Blackburn office acted as trustees for four trusts whose major assets were shares in audit clients of the firm.

Price Bailey agreed to pay £3,500 as a person in a position to influence the conduct and outcome of the audit acted as trustee in a trust that held a financial interest in an audit client that was material to the trust, between 2008 and 2011.

Also penalised was ma2 Limited, a Clevelys-based firm that paid a £1,000 penalty due to failing to accurately complete annual returns in 2009, 2010 and 2011.

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