Basic Search  |  Summaries  |  Advanced SearchPenalty: £450,000
Year: 2014
Date: 15 September, 2014
Offence Group: financial offences
Offence Type: accounting fraud or deficiencies
Violation Description: The Financial Reporting Council published the report of the the outcome of the disciplinary case against Sixonethreeone Limited (formerly known as HWCA Limited). HWCA admitted that its conduct fell significantly short of the standards reasonably to be expected of a Member Firm in respect of 37 allegations of Misconduct in relation to the audit of the financial statements of Worthington Nicholls Group plc and its predecessor businesses for the financial years ended 30th September 2005 and 2006, and the audit of the interim financial statements for the six months ended 31st March 2006. The parties agreed the following terms of settlement: A Fine of £225,000 to be paid by HWCA, adjusted from £250,000 to reflect the admissions made by HWCA (in accordance with paragraphs 57 and 59 of the FRC's Sanctions Guidance); HWCA to receive a Severe Reprimand; and a sum of £225,000 to be paid by HWCA as a contribution to the Executive Counsel's costs of, and incidental to, the investigation and the Formal Complaint.
Action Type: agency action
Agency: Financial Reporting Council
Source of Data: (click here)