FRC Imposes Sanctions Against UHY, Jones in Laura Ashley Case

The UK’s FRC has issued a Final Settlement Decision Notice under the Audit Enforcement Procedure and imposed sanctions against UHY Hacker Young and Martin Jones in relation to the statutory audits of the financial statements of Laura Ashley Holdings for the financial years ended 30 June 2018 and 30 June 2019, according to statement.

• Sanctions against UHY include:
  • A financial sanction of £300,000 adjusted for aggravating and mitigating factors and discounted for admissions and early disposal by 27.5% so that the financial sanction payable is £217,500
  • A severe reprimand
• Sanctions against Jones include:
  • A financial sanction of £45,000 adjusted for ...