Disciplinary update June 2021
Examples of some of the outcomes of disciplinary hearings during June 2021. We encourage all our members and firms to review the types of issues we see (and the resulting sanctions) to help them avoid the risk of a committee referral.
Appeal Committee
|
Original Disciplinary Tribunal finding |
Appeal Committee decision |
Fine amount |
|
Two findings of a failure to provide information, explanations and documents requested letters issued under Disciplinary Bye-law 13. |
Increase of sanction level from reprimands to severe reprimands. |
Additional appeal costs to be met along with the original £1,000 fine + costs. |
Disciplinary Tribunal
|
Complaint |
Outcome |
Fine amount |
|
Dishonest claiming of expenses from an employer. |
Exclusion |
£10,000 + costs |
|
Failure to comply with Money Laundering Regulations as the firm had no supervisor, and failure to provide the information, explanations and documents requested in a letter issued under Disciplinary Bye-law 13. |
Severe reprimand |
£4,000 + costs |
Investigation Committee
|
Complaint |
Outcome |
Fine amount |
|
Issuing unqualified audit opinions on financial statements for three consecutive years for the same client. The audit opinions stated that the audit had been conducted in accordance with International Standards on Auditing (UK and Ireland) when the audit had not been conducted in accordance with ISA 250A ‘Consideration of laws and regulations, ISA500 Audit Evidence, and ISA230 Audit Documentation in relation to share redemptions and Directors Loan Accounts. A further issue related to ISA 510 Initial Audit Engagements—Opening Balances and in the third year’s audit the failures also extended to related party balances and accrued income. In addition there were failures under ISA230 and ISA500 in respect of one year’s audit of a second client. |
Severe reprimand |
£71,925 + costs |
|
Failure to fulfil assurances given on a Practice Assurance visit. |
Severe reprimand |
£4,000 + costs |
|
Failure to fulfil assurances given on a Practice Assurance visit. |
Reprimand |
£2,000 + costs |
|
Failure to submit an external anti-money laundering compliance review as directed by the Practice Assurance Committee. |
Severe reprimand |
£10,000 + costs |
|
Dual member of ICAEW and ACCA found guilty by ACCA of approving an audit report when he did not hold an audit certificate issued by ACCA. |
Severe reprimand |
£2,800 + costs |
|
Member engaged in public practice without holding a practising certificate contrary to Principal Bye-law 51a. The member also failed to comply with the Money Laundering Regulations 2017 because she was not supervised by an appropriate anti-money laundering supervisory authority in respect of two separate entities. |
Reprimand |
£1,330 + costs. |
|
Insolvency Practitioner failed to provide creditors sufficient notice of a decision procedure. |
Reprimand |
costs |
|
Failure to provide a specimen for analysis as the driver of a vehicle. |
Fixed penalty |