Audit: Fines:Written question - HL5096

Asked on: 25 January 2018
Department for Business, Energy and Industrial Strategy
Audit: Fines
Lords
To ask Her Majesty's Government, further to the Written Answer by Lord Henley on 16 January (HL4543), how much in fines has been received under the Statutory Auditors and Third Country Auditors Regulations 2016 (SI 2016/649); how much in fines was received and passed on to other bodies from schemes prior to those Regulations coming into force in (1) 2012, (2) 2013, (3) 2014, (4) 2015, and (5) 2016; and to which organisations those fines were passed.
A
Answered by: Lord Henley
Answered on: 01 February 2018

No fines have been received under the Statutory Auditors and Third Country Auditors Regulations 2016.

We are informed by the Financial Reporting Council (FRC) that the following fines were imposed under the FRC’s accountancy scheme from 2012 to 2016 and passed to the participating body which met the related case costs. (The table does not include the costs that were awarded to the bodies in relation to specific cases or the contributions to case costs by the participating bodies overall.)

Year

Total fines Received

Fines passed to the accountancy bodies

ICAEW

CIMA

CAI

2012

NIL

-

-

-

2013

£815k

£815k

-

-

2014

£1,038k

£1,025k

£13k

-

2015

£4,688k

£4,688k

-

-

2016

£6,712k

£6,552k

-

£160k

Key

ICAEW: The Institute of Chartered Accountants in England and Wales

CIMA: The Chartered Institute of Management Accountants

CAI: Chartered Accountants Ireland

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