AN INVESTIGATION into the conduct of a member of ICAS in connection with the financial statements of the Equitable Life Assurance Society in 1999 has been closed by the FRC’s disciplinary board.
In a statement issued by the FRC, the AADB said that, following the conclusion of the investigation, it decided there is “no realistic prospect that a tribunal would make an adverse finding against the accountant concerned”.
Consequently, no further action will be taken and the case will be closed.
The investigation focused on the provision by the member of information for use by the Financial Reporting Review Panel.
In August, the FRC closed an investigation into the conduct of an Ernst & Young actuary in connection with the audits of Equitable Life.
The fast-track move is a bold departure from the norm, as a probe would normally only begin several months after administrators had finished their own enquiries
The FRC's new disciplinary regime for public interest entities could see could see more frequent enforcement on more minor matters, write Taylor Wessing's Andrew Howell and Stephen Flaherty
Osborne delivers ‘another hammer blow’ to offshore tax evasion by announcing data partnership with biggest European economies
European Commission present action plan designed to reboot EU VAT system, which is welcome news to VAT experts