Disciplinary

REGULATORY

PUBLICITY NOTICES

In terms of Regulation 7.14 (b) of the Audit Regulations and Guidance applicable from 5 December 2022, notice is hereby given that the ICAS Authorisation Committee has applied a regulatory penalty of £750 to the audit-registered firm of Yates Business Solutions Limited (Firm Number F3333). The Firm acknowledged that it failed to comply with Regulation 3.02 of the Audit Regulations and Guidance, which states: 

“A Registered Auditor must act in accordance with the fundamental principles set out in the Code of Ethics issued by the Council and the ethical standards”

in so far as the Firm carried out non-audit work for an audit client which did not comply with the requirements contained in Section 5 of the Ethical Standard for Auditors (Revised Ethical Standard 2019).

In terms of Regulation 7.14 (b) of the Audit Regulations and Guidance, applicable from 5 December 2022, notice is hereby given that the ICAS Authorisation Committee has applied a regulatory penalty of £750 to the audit-registered firm of Johnston Smillie Limited (Firm Number F0273). The firm has acknowledged that it failed to comply with Regulation 3.02 of the Audit Regulations and Guidance, which states:

“A Registered Auditor must act in accordance with the fundamental principles set out in the Code of Ethics issued by Council and the ethical standards” 

in so far as the Firm’s Responsible Individual acted for a period of more than ten years without implementing appropriate safeguards and communicating with those charged with governance, as required by Section 3 of the Ethical Standard for Auditors (Revised Ethical Standard 2019).