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News August 2012 Investigation announced into ICAEW members and member firms in connection with RSM Tenon Group Plc

Investigation announced into ICAEW members and member firms in connection with RSM Tenon Group Plc

13 August 2012

PN 004

The Accountancy and Actuarial Discipline Board (AADB), part of the Financial Reporting Council (FRC) has launched an investigation under its Accountancy Scheme into the conduct of certain members of the Institute of Chartered Accountants in England and Wales (ICAEW), and of PricewaterhouseCoopers LLP as auditors of RSM Tenon Group plc.  The scope of the investigation covers:
 
“The conduct of Members and Member Firms in relation to:

  • the preparation, approval and audit of the financial statements of RSM Tenon Group plc and its subsidiary companies for the years ended 30th June 2010 and 2011; and
  •  the preparation, approval and review of financial information in connection with the admission of RSM Tenon Group plc to the main market of the London Stock Exchange and the acquisition of RSM Bentley Jennison.”

The AADB’s decision to initiate an investigation was taken following consultation with the ICAEW.    
 

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.

  2. The FRC’s Accountancy and Actuarial Discipline Board ("AADB") is the independent, investigative and disciplinary body for accountants and actuaries in the UK with a focus on cases which raise important issues affecting the public interest. In accordance with the FRC reform programme, the functions of the AADB will be exercised by the FRC from autumn 2012. 

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