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Grant Thornton fined £2.28m
24 April 2017
Grant Thornton and Robert Napper (a former partner) have admitted misconduct and agreed to fines and other sanctions over the audits of AssetCo plc, reports the FRC.
The respondents admitted that their failings arose as a result of the significant and widespread lack of professional competence and due care in the performance of the audits, including:
a) Failures to keep track of tasks and resolve outstanding queries, which led to confusion and some key information and issues being overlooked.
b) Flawed judgements.
c) Deficiencies in understanding.
d) Insufficient appreciation of audit risks.
Grant Thornton agreed to a reduced fine of £2.28m after settlement discount and a severe reprimand. Napper was fined £130,000 and excluded from membership of the ICAEW for 3 years. A sum of £200,000 was also paid by Grant Thornton as a contribution to the Executive Councel’s costs.
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