ICAEW Fines High Street Firms for Audit Failings

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."