UK accounting firm Horwath Clark Whitehill has been ordered to pay a £35,000 fine by the Institute Of Chartered Accountants in England and Wales (ICAEW).
The ICAEW Investigation Committee reprimanded and fined the company £35,000 with costs of over £16,000 after finding them guilty of mistakes in their auditing work over the course of three years.
According to reports, the top 20 firm was found to have failed to "obtain appropriate audit evidence" in regards to leasehold property, sundry debtors and prepayments between 2000 and 2003.
In a statement, the firm stressed that its "audit engagements were undertaken a number of years ago" and that it "accepts the Institute's ruling".
In similar news, the Financial Services Authority (FSA) recently fined a director of Ilford-based firm London Mortgage and Financial Services £129,000 after her involvement in fraudulent mortgage applications was revealed.
Top 20 Accounting Firm Handed GBP35,000 Fine
Thu, 10 Jul 2008
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