BOTH BDO AND RSM TENON have been severely reprimanded by the ICAEW in separate incidents, under the institute's investigation committee process.
BDO agreed to a consent order after it was censured by the FSA for failing to liaise with the UK Listing Authority while acting as a sponsor for a listed company prior to its takeover of another business. The firm was severely reprimanded, fined £15,000, and ordered to pay costs of £4,963.
RSM Tenon agreed to a consent order where it had issued an unqualified audit report for a company year ending 30 September 2008, which was not conducted in accordance with international standards on auditing.
The firm had failed to obtain sufficient appropriate evidence on which to base its audit opinion in respect of going concern, loans and amounts owed by group undertakings, Turkish investment properties, and a loan to another party. RSM Tenon was severely reprimanded, fined £15,000, and ordered to pay costs of £11,011.
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