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Violation Tracker UK Individual Case

Company: Gatley Read
Company City/Town: Oldham
Company Nation/Region: England
Penalty: £2,000
Year: 2018
Date: 13 June, 2018
Offence Group: financial offences
Offence Type: accounting fraud or deficiencies
Violation Description: Gatley Read,Prince of Wales House, 18/19 Salmon Fields Business Village, Royton, Oldham, OL2 6HT, has agreed to pay a regulatory penalty of £2,000, which was decided by the Audit Registration Committee. This was in view of the firm's admitted breach of Audit Regulations 3.03 and 6.06 in that the firm: 1. failed to apply suitable safeguards to an audit where recurring fees from the client were between 10% and 15% of the firm's total practice income; and 2. disclosed incorrect fees received from its largest audit client, on its 2015 and 2016 annual returns
Action Type: agency action
Settlement Type: Audit Registration Committee decision
Agency: Institute of Chartered Accountants in England and Wales
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