AN INVESTIGATION into the conduct of a member of ICAS in connection with the financial statements of the Equitable Life Assurance Society in 1999 has been closed by the FRC’s disciplinary board.
In a statement issued by the FRC, the AADB said that, following the conclusion of the investigation, it decided there is “no realistic prospect that a tribunal would make an adverse finding against the accountant concerned”.
Consequently, no further action will be taken and the case will be closed.
The investigation focused on the provision by the member of information for use by the Financial Reporting Review Panel.
In August, the FRC closed an investigation into the conduct of an Ernst & Young actuary in connection with the audits of Equitable Life.