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What price qualifieds?
As has been suspected in the recent debate on qualified/unqualified, the whiter than white members of the Institutes can fall down on the job just as easily as experienced accountants outside the fold. Thank goodness the Institute's monitoring processes uncovered poor practise - perhaps the tip of the iceberg?
T. W. Farrcorfe
AN AUDIT FIRM FINDS ONE OF ITS SENIOR AUDTORS TAKING TO i'M NOT
Hi it is due to lack of professional ethics that the accouncy profession suffers from. The entire audit fraternity should ensure qwuality standards in the practice. I do also agree that this is not the first time such orrganisations are caught pants down.......................
Auditors an accountants must enhance best corporaye governanace as foresaid.
Accountancy practioners I beleive prove the fact that not all accountants hold any certified accountancy program. Some of those who do alot of work, suffer the burden of dictatioship yet they are not qualified with an accounting profession. It is therefoee a shame for the accountancy profession.
Regards,
Richard G.
How many are out there?
The unauthorised "auditors" were picked up on a QAD visit. Good, but we know that the professional bodies are only responsible for regulation of their members, though it would be in their interests consider the prevalence of non-member unauthorised "auditors". Is there some other body that checks audit firm names as per audited accounts submitted to Companies House against a list of authorised firms? Is there a government body that deals with offenders? It's not Cardiff CID is it? But why leave it to governments, isn't there some marketing tool that trawls through filed accounts and identifies which firms audit which companies? Could these be published online, and an army of accountingwebbers trawl could through it over a few lunchtimes? The results could be published by next week?
Unregistered auditors
You can report any audit reports you find that are signed bu unregistered auditors to Companies House. As far as I can gather, they ask the company to resubmit the accounts but don't take any action against the "auditor".
"....FINDS ONE OF IT SENIOR AUDTORS TAKING TO i'M NOT WTH OUTDEN
Precisely! What could be clearer than that?
Not Enough
The Very first company should have been permanently excluded
from practising, as, 2 years banned and 2000 pounds is a joke
punishment.
It is very basic knowledge that Auditor must be registered.
Auditors banned - 2
The fines and bans imposed do seem paltry for what should be very serious offences but there is no mention of costs charged which are normally disclosed in ICAEW's reports.
What I find to be quite worrying is the length of time these have taken to come to light - they all seem to be about 3 years. Somewhat faster judgement would be useful and give reassurance to users of audited accounts.
Peter Lashmar
Lashmars Tax Accountants
11.02.2011 (nice symmetry to the date today)
Flouting the regulations...!
This is a timely reminder to those of us who want to set up our own practices - don't take shortcuts. As qualified accountants we are aware of the rules and regulations for practising, whether as just an accountant or as accountant and auditor.
It would be tempting to opt out of the professional body and set up as an 'accountant' but to put other accountants at risk of getting a bad name because of poor quality work is not an option to me and many others. Those regulations are there for a reason and should be observed. If you can't get a practising and audit certificate then it's because you don't know enough.
These accountants were greedy and that sort of thing can give all of us a bad name.
Well done to ICAEW
I like to appreciate the work of the QA Review Team and the ICAEW diciplinary team for doing what should be done in these circumstance, the question of adequacy or sufficiency of the weight of punishment is secondary.
Let all members within the finnacial information supply chain heed the message in this action and begin to put their practice in good professional stead.
The related QA Review Team should please continue with their good work to restore sanity,integrity and credibilty to our noble profession.
Thank yu.
Johnson Oluata