The industry disciplinary body has decided to launch an investigation into
the conduct of individuals involved in the events leading up to the collapse
last year of European Home Retail and Farepak
Food & Gifts.
Investigation and Disciplinary Board took the decision to begin the
investigation following a consultation with the Institute of Chartered
Accountants of England & Wales as well as the Chartered Institute of
The AIDB announced today that it will investigate the conduct of members of
accountancy bodies involved in preparing Farepak’s accounts for the fiscal year
ending 30 April 2005.
The announcement did not say which parties would be specifically
investigated. Farepak was audited by Ernst & Young but its office-holders
with accountancy qualifications could also be looked at by the body.
An E&Y spokesman said: ‘Ernst & Young can confirm that neither the
firm nor members of the firm have had any communication from the AIDB on this
The AIDB will also look into the conduct of individuals in relation to
circumstances lading up to the collapse of
European Home Retail Plc.
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Two new audit partners have been appointed at the firm BDO in its audit practice following continued growth and investment
Investment in people, tech and businesses impacts on EY's profit per partner figure
If businesses do not take cyber security seriously in their business planning regulators may do it for them, the ICAEW has warned