ICAEW fines PKF £102,000

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Eight years after the work in question, top 50 firm PKF has been penalised for audit failures by the Institutes investigation committee.

The fine of 75,000, together with 27,000 in costs, were levied against PKF for audits conducted in 2000 and 2001. The penalty is understood to relate to work done on the subsidiaries of an unnamed company. The committee said that PKF had failed to obtain sufficient knowledge of the clients subsidiaries, failed to plan and perform the audit of the group to obtain reasonable assurance that the group financial statements were free from material misstatement, and ultimately failed to amass sufficient competent evidential matter.

The sum levied may be one of the largest ever handed down by the committee. That it was handed down via consent order means the client...

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