Chantry Vellacott chief fined by ICAEW

The head of top 25 firm Chantrey Vellacott DFK has been fined £5,000 and
severely reprimanded by the ICAEW over his actions as treasurer and trustee of a

Michael Tovey, managing partner at Chantrey Vellacott will also pay costs of
£1,417 over the failure to provide a signed Independent Examiner’s report and
Trustees Annual Report.

The institute’s investigation committee said that in respect to the 2002
accounts of an unnamed charity they ‘were submitted to the ‘Y’ when Mr Tovey
knew or ought to have known and ought to have made clear to ‘Y’ that:

i) ‘Z’ were listed as the independent Examiners and an unqualified
Independent Examiner’s report was attached, when no such report had actually
been signed.

ii) The filed accounts contained an unsigned Trustees Annual Report in breach
of paragraph 28 of the Charities SORP 2000.

A spokesman for Chantrey Vellacott DFK said the firm had no comment to make
at this point.

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