PracticeConsultingInstitute fine for Grant Thornton

Institute fine for Grant Thornton

Mid-tier firm Grant Thornton and a number of smaller accountancy firms have received fines ranging from £750 to £2,000 because of reporting violations under the Pensions Act.

The ICAEW’s investigation committee fined Grant Thornton £750 and ordered the firm to pay costs of £250 because the trustees of pension schemes, of which Grant Thornton is auditor, did not receive the audited accounts within seven months of the year-end.

Other firms fined include Burnett Swayne of Charter Court, Southampton and Monahans of Clarks Mill, Trowbridge.

The investigation committee is due to report to the institute’s council meeting this Wednesday.

Other issues to be raised at the meeting include the institute’s progress towards its designated professional body status for investment business and DPB policy issues.

Proposals to make provisional members, or accountancy students, pay an annual subscription and registration fee was tabled to be discussed this Wednesday, but discussion will not take place until the end of the summer.

The Treasury designated the institute as a DPB under the Financial Services and Markets Act last March. But the Treasury’s deadline for N2 is 30 November which the institute fears will be too soon for firms, authorised to carry out investment business advice, to make the necessary changes.

Links

ICAEW website

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