U.K. FRC Imposes Sanctions Against Haysmacintyre Over Audit

The U.K.’s Financial Reporting Council (FRC) has imposed sanctions against Haysmacintyre LLP and David Cox, audit engagement partner, in relation to the statutory audit of the financial statements of Associated British Engineering for the financial year ended March 31, 2018.

• Sanctions accepted by Haysmacintyre include a financial penalty of GBP125,000, discounted for mitigating factors and early disposal, so the penalty payable is GBP70,000
  • The financial penalty payable by Cox is GBP10,000, discounted from GBP17,500
• Both Haysmacintyre and Cox admitted breaches of relevant requirements in six areas of audit work, with the FRC saying these were “pervasive, extensive and, in relation ...