RegulationAccounting StandardsJDS costs soar after Equitable case

JDS costs soar after Equitable case

Tribunal costs for 2007 included £838,000 for tribunal members' fees and expenses, £200,000 for hearing room hire and £131,000 for transcribers' costs

The outgoing accountancy disciplinary body increased its budget by £815,000
due to holding a tribunal into the role of Ernst & Young in the
near-collapse of life assurance company Equitable Life.

In its annual report published this week, the JDS’ budget increased from
£3.8m for 2006 to £4.6m in 2007.

Tribunal costs – which included £838,000 for tribunal members’ fees and
expenses, £200,000 for hearing room hire and £131,000 for transcribers’ costs –
made up the bulk of the increase.

The Joint Disciplinary Scheme began hearings into the Equitable Life case in
March 2007, and concluded by December 2007.

The ICAEW and ICAS also increased their contribution to the JDS following the
Equitable Life hearings.

Further reading:

Call
to use JDS fine to pay Equitable investors

E
&Y faces penalties for Equitable Life role

Related Articles

Demystifying GDPR for accountants

Accounting Standards Demystifying GDPR for accountants

6d Ellen Temperton, Lewis Silkin
EY fined £1.8m over Tech Data audit

Accounting Standards EY fined £1.8m over Tech Data audit

2m Emma Smith, Managing Editor
The great professional services shake-up

Accounting Standards The great professional services shake-up

3m Fergus Payne, Lewis Silkin
What do clients actually want from an accountant?

Accounting Standards What do clients actually want from an accountant?

4m Emma Smith, Managing Editor
Accountants shouldn’t neglect hybrid mismatch anti-avoidance rules

Accounting Standards Accountants shouldn’t neglect hybrid mismatch anti-avoidance rules

4m Alison Conley
Membership of the accountancy profession on the rise

Accounting Standards Membership of the accountancy profession on the rise

5m Alia Shoaib, Reporter
The real price of mates' rates in the provision of professional services

Accounting Standards The real price of mates' rates in the provision of professional services

5m DAC Beachcroft
IASB overhauls insurance accounting with issuance of IFRS 17

Accounting Standards IASB overhauls insurance accounting with issuance of IFRS 17

7m Alia Shoaib, Reporter