BKR Haines Watts fined over audit
Mid-tier firm BKR Haines Watts has been reprimanded and fined £2,000 by the ICAEW for failing to carry out the audit of a plc in accordance with audit regulations.
The institute declined to named the company involved.
However, its investigation committee revealed that, in particular, the accounts did not disclose that the interim dividend was an unlawful return of capital.
In addition, the information in the directors’ report was not consistent with the accounts and the disclosure of directors’ emoluments was incorrect.
The fine was levied with the agreement of the firm’s Slough office. Costs of £1,318 were also imposed.
BKR Haines Watts was unavailable for comment.