RegulationAccounting StandardsPwC, Berg Kaprow Lewis fined for audit breaches

PwC, Berg Kaprow Lewis fined for audit breaches

ICAEW fines firms £750 each for breaching audit guidelines

PricewaterhouseCoopers has been fined by ICAEW’s Audit Registration Committee
for breaching audit regulation guidelines.

The £750 penalty has been incurred by the Big Four firm for inadvertently
allowing ‘partners who were not at the time properly appointed as responsible
individuals, to take responsibility for and sign audit reports on Charitable
Funds within NHS Foundation Trusts.’

A spokesperson for the firm was unwilling to disclose how many partners were
found to be in breach of the audit guidelines.

The Committee has also issued top 50 firm Berg Kaprow Lewis with a regulatory
penalty of £750 for allowing a principal of the firm to sign a report of the
Companies Act 1985.

The principal was not deemed to be properly appointed as a responsible
individual at the time of the signing of the report.

Brian Berg, founder of Berg Kaprow Lewis, said the firm had yet to receive a
payment request for the fine by the ICAEW, but conceded that it was in breach of
audit regulation.

‘We accept the fine and it will be paid,’ he said.

Further Reading:

Audit
watchdog moves to close consultancy services loophole

PwC
staffer at centre of University Challenge probe

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