Take note of the latest disciplinary cases to ensure you or your firm are not making similar mistakes.
Since the last update, three Tribunal Committee tribunal orders, twelve consent orders from the Conduct Committee, one settlement order and one fixed penalty consent order have been published.
Included within the latest published orders are the following:
- signing audit reports of “X” Limited for one year when there was a breach of International Standard on Auditing (UK) 500 ‘Audit evidence’ (‘ISA 500’) and International Standard on Auditing (UK) 510 ‘Initial audit engagements – opening balances’ (‘ISA 510’), and for a further year when there was a breach of International Accounting Standard 8 ‘Accounting policies, changes in accounting estimates and errors’, International Accounting Standard 36 ‘Impairment of assets’, International Accounting Standard 38 ‘Intangible assets’, ISA 500, ISA 510, and International Standard on Auditing (UK) 710 ‘Comparative information – corresponding figures and comparative financial statements’. The firm also signed a further audit report on an amended set of financial statements of “X” Limited when there was a breach of ISA 500;
- acting contrary to R2103.1 of the fundamental principle of Professional Competence and Due Care in the Insolvency Code of Ethics (effective from 1 May 2020) for failing to take account of information provided when calculating and making a first cash distribution to the Company’s shareholders;
- driving a motor vehicle on a public road having consumed alcohol in excess of the prescribed limit, contrary to Section 5(1)(a) of the Road Traffic Act 1988. This was in breach of R115.1 (Professional Behaviour) of ICAEW Code of Ethics (effective 1 January 2020); and
- failing to respond within 15 days to items requested following ICAEWs Quality Assurance Department visit, contrary to Practice Assurance Regulation 20 (effective from 1 July 2019).
Further details can be found on our Disciplinary Database or please visit our Public Hearings page.
Useful links
Please make use of the following resources to ensure you are up to date with the latest regulatory information and news.