JDS trebles fines in one year
The Joint Disciplinary Scheme, the discplinary body for accountants, has trebled the value of fines handed out over the last twelve months, according to its latest annual report.
Link: JDS costs drive institute to £1.3m loss
Its 2002 accounts, reviewed by its auditor Haysmacintyre, showed that fines rose to £330,000 compared with just £106,000 in 2001, while costs of £965,000 were also recovered, up heavily from £66,000 a year ago.
Among the high profile cases concluded during this financial period was the case against three auditors of former FTSE 100 conglomerate Polly Peck, who were fined £10,600 and ordered to pay costs of £125,000 and a former audit partner at Nunn Hayward, auditor of Versailles Group, who was ordered to pay £10,000 in costs and excluded from the ICAEW.
The Bank of Credit and Commerce International case, which dates back to 1992 is expected to be completed soon, the report also said, after banking secrecy laws in the UK and Cayman Islands were finally waived, while investigations into Queens Moat Houses, Capital Corporation, TransTec, Semple Cochrane and Equitable Life are still continuing.
JDS audited results also showed that the ICAEW contributed £2.47m while ICAS gave £306,000 as total income rose from £2.2m to £2.78m.
The greatest costs were incurred by the executive counsel department, headed by Chris Dickson, which rose from £1.6m to £2.24m.
The role of the JDS is set to be taken over by the Independent Discplinary Board some time this year, under the umbrella of the new accounting watchdog, the Financial Reporting Council