NORTH LONDON FIRM SPW has been fined £5,000 and ordered to pay costs of £1,880 for auditing a firm in which one of its principals was a director.
The firm entered into a consent order with the ICAEW’s investigation committee after it was found that three audit reports, for 2003, 2004 and 2005 year-ends of SPW client ‘A Limited’ were made while a principal of the firm served at the client as a director.
The six-partner firm, based on Regents Park Road, was in the public eye in 2010 as its partners served as joint administrators of collapsed foreign currency handler Crown Currency Exchange. A joint liquidator from SPW now serves alongside partners from Duff & Phelps at Crown Currency.
Also in the latest round of disciplinary procedures announced by the institute, Warwick-based Michael Harwood & Co agreed to a consent order in which it was fined £5,000 and ordered to pay costs of £4,367. The order was made for issuing an unqualified audit report on a business of which risks were identified that cast significant doubt on the client’s ability to continue as a going concern.
Swansea firm Bevan & Buckland was fined £15,000 and ordered to pay costs of £4,155 for failing to modify its audit reports over a five-year period for client ‘X’, to reflect that the financial statements failed to give a true and fair view of ‘X’. It also failed to qualify the audit reports of ‘X’ between 2002 and 2005.
The latest opinions from Accountancy Age on Making Tax Digital, and outline plans to evolve the UK's corporate governance regime
This year’s Finance Act is 649 pages, the second longest recorded, and highlights the increasing complexity for taxpayers of an ever expanding tax code
EY analysed 100 annual reports from FTSE 350 companies and found only ‘fractional’ improvements have been made in the quality of some key disclosures
Companies face a wake-up call to review their cultures before they can win back broad support from society, business leaders will be told at a conference today