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FRC fines Quindell’s ex-auditor

25 January 2018

The FRC has fined and reprimanded Arrandco Audit (formerly RSM Tenon Audit) over its misconduct in the audit of Quindell Portfolio and Quindell.

Tenon received a fine of £1m, adjusted down to £700,000.

Audit engagement partner, Jeremy Filley, also received a reprimand and a fine of £56,000.

Tenon agreed to pay a sum of £90,000 towards the Executive Counsel’s costs.

Tenon and Filley admitted misconduct over the failure to obtain reasonable assurance that the financial statements as a whole were free from material misstatement. There was also a failure to obtain sufficient appropriate audit evidence and a failure to exercise sufficient professional scepticism.

These failures related to the accounting treatment of the reverse acquisition of Mission Capital plc, and a number of transactions entered into in 2011 by Quindell entities and TMC (Southern) Limited.

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