Smith & Williamson fined over FSA-regulated client

by Kevin Reed

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10 Oct 2012

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SMITH & WILLIAMSON has been hit with a £5,000 in a fine and costs over its audit of an FSA-regulated business.

The firm agreed to a consent order from the ICAEW's investigation committee after it was found to have failed to obtain sufficient appropriate evidence that its client had maintained adequate systems to comply with client money rules.

Smith & Williamson was fined £2,500 and ordered to pay costs £2,555 by the committee.

A number of other firms were also fined by the institute.

Mackenzie Field agreed to pay a £5,500 regulatory penalty for failing to carry our cold-file reviews as part of the annual audit compliance review, and for the incorrect completion of the annual return. Hope Jones agreed to pay a £6,000 penalty for a similar matter.

Allens Accountants in Stockport agreed a £3,500 regulatory penalty for allowing a person in a position to influence the conduct and outcome of an audit to act as a trustee of a trust that held a financial interest in an audit client material to the trust.

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