Top 20 firm reprimanded over audit

Horwath Clark Whitehill has been reprimanded by the ICAEW Investigation Committee over a property audit.

The top 20 firm was fined £35,000 and ordered to pay costs of over £16,000 for audit mistakes over three years.

HCW failed to obtain appropriate audit evidence before making reasonable conclusions in regards to the company's leasehold property, sundry debtors and prepayments.

The committee added that the 2000, 2001 and 2002 audits had not been conducted in accordance with the Statement of Auditing Standards 400.

Horwath Clark Whitehill said in a statement: 'The audit engagements were undertaken a number of years ago and Horwath Clark Whitehill accepts the Institute's ruling.'