PwC and Berg Kaprow Lewis have each been fined the princely sum of £750 by ICAEW for regulatory breaches:
The £750 penalty has been incurred by the Big Four firm for inadvertently allowing ‘partners who were not at the time properly appointed as responsible individuals, to take responsibility for and sign audit reports on Charitable Funds within NHS Foundation Trusts.’
A spokesperson for the firm was unwilling to disclose how many partners were found to be in breach of the audit guidelines.
The Committee has also issued top 50 firm Berg Kaprow Lewis with a regulatory penalty of £750 for allowing a principal of the firm to sign a report of the Companies Act 1985.
The principal was not deemed to be properly appointed as a responsible individual at the time of the signing of the report.
OK – so in the scale of things, these aren’t exactly heinous crimes though it is a firm indication of sloppiness. I wonder how many instances of such activity remain hidden. Even so, I’m gobsmacked at the derisory level of fine imposed. I’d be willing to bet that £750 doesn’t cover PwC’s petty cash for a day at Embankment Place. I’d have been far more impressed if the fines were £750,000.
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