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Baker Tilly investigated for Tanfield Group audit

The Financial Reporting Council (FRC) is formally investigating an audit by Baker Tilly of electrical specialist vehicle firm Tanfield Group.

Baker Tilly, along with ACCA-registered Steven Railton and Richard King, member of ICAEW, were highlighted in the complaint that referred to work carried out on Tanfield’s 2007 accounts.

It comes after a 2010 Accountancy and Actuarial Discipline Board (AADB) investigation of the company’s audits of financial statements from 2007 and 2008.

The FRC accused the auditor of failing to meet reasonable industry standards and by some margin. It said that the parties involved did not act according to the basic principle laid out in the accredited profession’s code of ethics, which requires them to demonstrate due care and competence to a professional standard.

The FRC has said that Tanfield’s 2008 accounts will not be subject to any further action. However, there will at some point be a disciplinary tribunal conducted.

A Baker Tilly spokesperson said:

“The complaint relates to specific aspects of an audit assignment that was completed almost six years ago. As the matter is subject to the formal regulatory processes of the FRC, it is professionally inappropriate to comment at the present time.”

When the FRC or HMRC identify an audit or set of accounts that do not add up, they do not hold back on instigating an investigation. This only highlights the importance for businesses to keep their records as accurate and clean as possible. Accountants on the Wirral and up and down the country are aplenty, and it is important for a business to choose one that is both established and reliable.

Posted by Louise
June 19, 2014
Finance

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