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ICAEW comment on today’s Comet consent order

Commenting on the Consent Order published today (Thursday 30 January 2020) in relation to the administration of Comet, Duncan Wiggetts, Executive Director, Professional Standards at ICAEW, said

“The admissions within this settlement conclude our long-running investigation into the conduct of the insolvency practitioners who accepted appointments to act as the administrators of Comet in 2012.

“Following the opening of this investigation, we conducted a thematic review of engagement acceptance procedures in the larger firms engaged in major insolvency appointments. This led, in 2016, to Deloitte making changes to improve its processes on insolvency appointments, which, if followed, should significantly reduce the likelihood of a similar issue happening again in the future.

“This case should send a strong message to insolvency practitioners and their firms of the importance of demonstrating the highest standards and putting in place appropriate and robust processes to ensure compliance with Codes of Conduct. We will not hesitate to investigate and take robust action where we consider there is evidence of conduct falling short of that which is expected of our members and member firms.” 

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