Regulatory decisions 2014

Regulatory Decisions 2014

• Mr T Twomey, Gould & Twomey firm - Determination of the Quality Assurance Committee - 8 October 2014

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  22/10/2014 13:12:00

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  The Institute of Chartered Accountants in Ireland regulates its members in accordance with the provisions of its Bye-Laws openly and in the public interest. Oversight of this role is performed independently by the Chartered Accountants Regulatory Board. The Institute hereby places notice that:

  Withdrawal of a member's practising certificate

  The Quality Assurance Committee made an order to withdraw the practising certificate of Mr T Twomey, of Gould & Twomey, 58 St Mary’s Road, Midleton, Co Cork, for non-payment of the regulatory fee. This order took effect on 8 October 2014.

  Withdrawal of a firm's audit registration

  The Quality Assurance Committee made an order to withdraw the audit registration of the firm of Gould & Twomey, 58 St Mary’s Road, Midleton, Co Cork, for non-payment of the regulatory fee. This order took effect on 8 October 2014.

  Mr T Twomey, Gould & Twomey firm - Determination of the Quality Assurance Committee - 8 October 2014

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• Regulatory Penalties - Determination of Quality Assurance Committees

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  27/06/2014 13:13:00

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  As of 1 March 2012 and in accordance with CARB’s Publication Policy, regulatory penalties offered by the Quality Assurance Committee must be published in Accountancy Ireland and on the CARB website. It is at the discretion of the Quality Assurance Committee as to whether the name of the member, firm or affiliate should be published.

  At a recent meeting of the Quality Assurance Committee the following regulatory penalties were offered:

  Regulatory penalty	Reason for regulatory action
  €250	A firm included incorrect information on the annual return
  €500	A firm did not comply with the Code of Ethics
  €250	A firm had no money laundering policies and procedures in place and no money laundering training had taken place
  €5000	A firm repeatedly breached the Investment Business Regulations
  €500	A firm repeatedly breached the Audit Regulations
  €250	A firm breached the Audit Regulations
  €250	A firm incorrectly filed exempt files at Companies House
  €250	A firm included incorrect information on the annual return
  €250	A firm included incorrect information on the annual return
  €250	A firm included incorrect information on the annual return
  €250	A firm disclosed on its Annual Return that it had appropriate money laundering procedures in place when it did not
  €250	A firm included incorrect information on the annual return
  €4000	A firm signed off four audit reports without completing any audit work
  €1000	A firm did not disclose information on its annual return in respect of the number of audit clients
  €250	A firm disclosed on its Annual Return that money laundering policies and procedures were in place and that money laundering training had taken place when it had not
  £100	A firm incurred a gap in Professional Indemnity Insurance cover
  €1125	A member was conducting accountancy work without holding a practising certificate in breach of the Public Practice Regulations
  €500	A firm had not complied with the Code of Ethics
  €250	A firm included incorrect information on the annual return
  €1000	A firm had not complied with the Code of Ethics
  €250	A firm included incorrect information on the annual return
  €250	A firm failed to identify an ODCE reporting requirement
  €1000	A firm failed to act with professional competence and care
  €250	A firm included incorrect information on the annual return
  €2250	A firm failed to notify CARB on a timely basis of a change in its circumstances in breach of the Audit Regulations
  €250	A firm included incorrect information on the annual return
  €250	A firm included incorrect information on the annual return
  €250	A firm included incorrect information on the annual return
  £1000	A firm breached Section 71(4) (c) European Communities (Statutory Audits) Regulations 2010
  €250	A firm included incorrect information on the annual return
  £4000	A firm signed four audit reports without completing any audit work
  £250	A firm provided CARB with incorrect pre-visit information
  £250	A firm included incorrect information on the annual return
  £1000	A firm had not complied with a Committee condition
  €100	A firm incurred a gap in Professional Indemnity Insurance cover

  The Quality Assurance Committee determined that in respect of each of the above, the names of the members and firms would not be published.

  Regulatory Penalties - Determination of Quality Assurance Committees

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• Regulatory Penalties 2 - Determination of Quality Assurance Committees

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  25/02/2014 11:41:00

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  As of 1 March 2012 and in accordance with CARB’s Publication Policy, regulatory penalties offered by the Quality Assurance Committee must be published in Accountancy Ireland and on the CARB website. It is at the discretion of the Quality Assurance Committee as to whether the name of the member, firm or affiliate should be published.

  At a recent meeting of the Quality Assurance Committee the following regulatory penalties were offered:

  Regulatory penalty	Reason for regulatory action
  €250	A firm included incorrect information on the annual return
  €250	A firm included incorrect information on the annual return
  €250	A firm included incorrect information on the annual return
  €250	A firm included incorrect information on the annual return
  €500	A firm included incorrect information on the annual return
  €500	A firm included incorrect information on the annual return
  €500	A firm included incorrect information on the annual return
  €500	A firm included incorrect information on the annual return
  €750	A firm included incorrect and misleading information on the annual return
  €250	A firm did not comply with Section 194 of the Companies Act 1990 and Section 74 of the Company Law Enforcement Act 2001
  €250	A firm did not qualify its audit report when the financial statements being reported on did not comply with the European Communities (Companies: Group Accounts) Regulations 1992
  €250	A firm provided an audit opinion on abridged accounts which did not comply with Section 18(4) of the Companies (Amendment) Act 1986
  €500	A firm did not comply with the determinations of the Committee
  €500	A firm had not complied with Sections 27B and 27C of the Central Bank and Financial Services Authority of Ireland Act 2004
  €750	A firm repeatedly breached the Audit Regulations
  €1,000	A firm signed an audit report but failed to conduct appropriate audit work
  €1,000	A firm provided incorrect information to CARB and on its annual return, had not completed an Audit Compliance Review, had not documented its procedures on quality control and the principal of the firm had not complied with CPD requirements
  €2,000	A firm repeatedly provided incorrect information to CARB and on its annual return in breach of Audit Regulations 3.05 and 6.06

  The Quality Assurance Committee determined that in respect of each of the above, the names of the members and firms would not be published.

  Regulatory Penalties 2 - Determination of Quality Assurance Committees

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