ICAEW Fines High Street Firms for Audit Failings

Friday, September 16, 2011 Print Email

THE ICAEW has clamped down on two firms found guilty of poor audit practices, ordering them to pay fines totally more than £11,000.

R T Marke & Co Ltd was slapped with a £3,000 fine and costs of almost £2,400 after it wrongly signed off on unaudited financial statements for companies too big to meet the exemption threshold, the North Devon Journal reports.

Sully & Co faces a similar levy after preparing accounts that fell short of the financial reporting standard for smaller entities (FRSEE).

The institute commented: "Both [firms] have breached audit regulations. We have proof and have taken action against them. They should have made some kind of comment to explain something, possibly a discrepancy, that occurred within the audit report and they didn't."

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