Disciplinary

Regulatory notice

The Kelvin Partnership Limited – March 2025

In terms of Audit Regulation 7.11 of the Audit Regulations and Guidance applicable from 1 October 2024, notice is hereby given that the ICAS Authorisation Committee has applied a regulatory penalty of £5,000 to the audit registered firm of The Kelvin Partnership Limited (Firm Number F0745) in respect of the following issues:

As Registered Auditor, the firm has acknowledged that it failed to comply with an external cold file review condition imposed by the Authorisation Committee under Audit Regulation 7.01 of the Audit Regulations and Guidance which states: “The Registration Committee may impose restrictions or conditions on a Registered Auditor”,  in so far as the firm did not submit a completed external cold file review on a timely basis as directed by the Authorisation Committee.  

 The firm also failed to comply with:

1. Audit Regulation 2.08 which states: “A Registered Auditor must cooperate with the registering Institute, its staff, committees, a monitoring unit, and the Competent Authority and its staff”,

1. Audit Regulation 2.09A which states: “A Registered Auditor must comply with the monitoring arrangements of the registering Institute and those of the Competent Authority and any other procedures, rules and guidance, as may be issued from time to time by the Competent Authority in the exercise of its statutory functions”, and

1. Audit Regulation 2.10A which states: “A Registered Auditor must provide such returns, statements or other information as considered necessary and in a form decided by the Registration Committee.”