GT and Deloittes fined by ICAEW
Grant Thornton has been fined £2,000 under an ICAEW investigation committee consent order following a complaint that advice provided by the firm led to a client losing the benefit of trading worth £119,000.
The complaint resulted from advice the firm gave in 1993 to a company to implement a reorganisation, which involved transferring three subsidiaries into one trading entity.
Grant Thornton was reprimanded and ordered to pay £1,000 costs.
Separately, Deloitte & Touche has been fined £10,500 and reprimanded by the investigation committee after it failed to report under Section 48(1) of the Pensions Act 1995 that the trustees of pension schemes audited by the firm had not obtained audited accounts within seven months of the year-end.