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Quality Assurance Committee determined that in respect of each of the above, the names of the members and firms would not be published.