ICAEW pension fines.
Big Five firm Arthur Andersen and a number of smaller accountancy firms have received fines ranging from #500 to #6,000 because of reporting violations under the Pensions Act.
The ICAEW’s investigation committee fined Arthur Andersen #6,000 and ordered the firm to pay costs of #1,000.
AA failed to report that the trustees of pensions schemes for which they were auditors had not obtained audited accounts within seven months of the year-end.
Other firms fined smaller amounts included Simpson Bendig & Co and Wilson Braithwaite Scholey.
– The ICAEW’s decision to investigate the role of its members in troubled insurance company Equitable Life could include auditor Ernst & Young.
Accountancy Age reported last month that Equitable Life policyholders wanted to see the role of its auditor, Ernst & Young, put under the microscope.
It is likely that any investigation will include E&Y, which has defended it’s work although at present the scope of the inquiry is unknown.
– A team of auditors from the District Audit’s Northern Region has received the Audit Commission’s 2000 Read Award for its originality of approach and quality of work.
Dame Helena Shovelton, formerly head of the National Lottery Commission and now chair of the Audit Commission, pictured above, presented the award for the winning entry ‘Review of Hospital Catering’.
Shovelton said: ‘Their entry was of a very high standard and the judges’ decision was unanimous.
‘This piece of work concerns an area which affects thousands of people every year and the team’s efforts represent a significant contribution to achieving benefits for local people and audited bodies through value for money work.’