Extension of the investigation in connection with The Cup Trust

News types: Investigations

Published: 31 March 2014

PN 014/14
The Financial Reporting Council (FRC) will extend the scope of its investigation under the Accountancy Scheme into the Cup Trust, which was announced on 9 December 2013, to include the preparation and audit of the financial statements for the years ended 31 March 2010 and 31 March 2011.  The audit in respect of each year was carried out by Hillier Hopkins LLP.

The FRC is already investigating whether any Member associated with The Cup Trust may have committed misconduct with respect to the establishment and operation of the charity and any related tax planning issues.
 
Notes to editors:

 

  1. 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; and oversee the regulatory activities of the accountancy and actuarial professional bodies

     

    • Decision to investigate
    • Investigation 
    • Decision whether to bring disciplinary proceedings against Member Firm or Member and, if so decided, referral to Disciplinary Tribunal 
    • Tribunal hearing 
    • Determination and imposition of sanction and/or costs orders
  2. The FRC can start a disciplinary investigation in one of two ways: (i) the professional bodies can refer cases to the FRC; and (ii) the FRC may decide of its own accord to investigate a matter. The Conduct Committee will consider each case identified or referred to it and decide whether or not the criteria for an investigation are met.
  3. Investigations are conducted by Executive Counsel and the Professional Discipline team within the Conduct Division. If disciplinary proceedings are commenced, Executive Counsel delivers a complaint to the Conduct Committee. The Conduct Committee then instructs the Convener to appoint a Disciplinary Tribunal.

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