PracticeAuditAADB closes investigation into E&Y Equitable Life actuary

AADB closes investigation into E&Y Equitable Life actuary

FRC disciplinary board says no realistic prospect that a tribunal would make an adverse finding against the actuary concerned with audit of Equitable Life

THE FRC’s disciplinary board has closed its investigation into the conduct of an Ernst & Young actuary in connection with the audits of The Equitable Life Assurance Society.

In a statement issued by the FRC, the AADB said that, following the conclusion of the investigation, it decided that there is “no realistic prospect that a tribunal would make an adverse finding against the actuary concerned”.

Consequently, the AADB is taking no further action and has closed the case.

The AADB also closed its investigation into the conduct of certain actuaries of the government actuary’s department in respect of Equitable Life.

In June 2010, the accountancy’s regulator upheld E&Y’s appeal against an earlier tribunal decision that the firm and audit partner Kevin McNamara lacked objectivity and independence as auditor of Equitable Life.

 

Related Articles

Top 5 audit fines of 2017

Audit Top 5 audit fines of 2017

1m Alia Shoaib, Reporter
The ‘uncomfortable truth’ behind FRC’s Big Four fines recommendations

Audit The ‘uncomfortable truth’ behind FRC’s Big Four fines recommendations

2m Carl Johnson, Stephensons
FRC urged to fine Big Four firms penalties over £10m

Audit FRC urged to fine Big Four firms penalties over £10m

2m Alia Shoaib, Reporter
FRC closes investigation into PwC over Barclays compliance

Accounting Firms FRC closes investigation into PwC over Barclays compliance

4m Alia Shoaib, Reporter
FRC closes KPMG HBOS audit investigation, Treasury Committee expects ‘full explanation’

Accounting Firms FRC closes KPMG HBOS audit investigation, Treasury Committee expects ‘full explanation’

4m Emma Smith, Managing Editor
PwC fined a record £5.1m by the FRC over RSM Tenon audit

Audit PwC fined a record £5.1m by the FRC over RSM Tenon audit

5m Alia Shoaib, Reporter
BDO overtakes KPMG to take top spot in AIM auditor rankings

Accounting Firms BDO overtakes KPMG to take top spot in AIM auditor rankings

6m Alia Shoaib, Reporter
Demand for audit skills exceeding supply

Audit Demand for audit skills exceeding supply

6m Alia Shoaib, Reporter