Equitable Life Assurance Society - Investigation into the conduct of an accountant and Member of the ICAS
News types: Tribunals
Published: 12 November 2012
FRC PN 020
The Financial Reporting Council announces the outcome of the investigation by the Accountancy and Actuarial Discipline Board into the conduct of a Member of the ICAS in connection with matters related to the financial statements of the Equitable Life Assurance Society in 1999. The investigation focused on the provision by the Member of information for use by the Financial Reporting Review Panel.
Following the conclusion of this investigation, it has been decided that there is no realistic prospect that a Tribunal would make an adverse finding against the accountant concerned. Consequently, no further action will be taken and the case will be closed.
The FRC is independent of the professions it disciplines and operates in the public interest.
Notes to editors:
Following the conclusion of this investigation, it has been decided that there is no realistic prospect that a Tribunal would make an adverse finding against the accountant concerned. Consequently, no further action will be taken and the case will be closed.
The FRC is independent of the professions it disciplines and operates in the public interest.
Notes to editors:
- The FRC is responsible for promoting high quality corporate governance and reporting to foster investment. We set the UK Corporate Governance and Stewardship Codes as well as UK standards for accounting, auditing and actuarial work. We represent UK interests in international standard-setting. We also monitor and take action to promote the quality of corporate reporting and auditing. We operate independent disciplinary arrangements for accountants and actuaries in cases which raise important issues affecting the public interest; and oversee the regulatory activities of the accountancy and actuarial professional bodies.
- The statutory powers relating to the review of reports and accounts, previously held by the Financial Reporting Review Panel, were transferred to the FRC and its Conduct Committee in July 2012 in accordance with the FRC’s reform programme.
- From 18 October 2012, and in accordance with the Reform Programme, the functions of the FRC’s Accountancy and Actuarial Discipline Board (“AADB”) are now exercised by the FRC and its Conduct Committee and Executive Counsel. The investigation leading to this complaint was started by the AADB before the Reform Programme was implemented and the complaint was issued and heard in the name of the AADB.