ICAEW slaps HCW on the wrists

Top 50 firm Horwath Clark
has been fined £2,500 by the
ICAEW over improper
procedures in carrying out a share valuation on behalf of a client.

The firm agreed with an ICAEW investigation committee that in carrying out a
valuation of a holding of 2,000 shares at £1 each, in an unnamed client, it
failed to perform adequate procedures to ensure there was a proper basis for the
valuation. HCW was reprimanded, fined £2,500 and ordered to pay costs of £3,701.

Andrew Pianca, chief executive of HCW, said it had made changes to
procedures. ‘We have accepted the institute ruling and additional checks have
now been built in to avoid repetition.’

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