WiredGov Newswire (news from other organisations)
FRC: Formal Complaint delivered against KPMG and David Costley-Wood, relating to Silentnight
The Financial Reporting Council’s (FRC) Executive Counsel has delivered a disciplinary Formal Complaint, under the Accountancy Scheme, against KPMG LLP and one of its partners, David Costley-Wood (the Respondents), a member firm and member respectively of the ICAEW.
The alleged Misconduct relates to an engagement carried out by the Respondents between January 2011 and April 2011 relating to companies trading under the name “Silentnight”.
The Formal Complaint alleges that:
- KPMG and Mr Costley-Wood accepted and performed an engagement for Silentnight in circumstances where their professional judgment was compromised (or was likely to be compromised) and their objectivity was impaired (or was likely to be impaired), contrary to the Fundamental Principle of Objectivity in the ICAEW Code of Ethics (Code);
- KPMG and Mr Costley-Wood knowingly or recklessly assisted with the provision of untrue and/or misleading and/or materially incomplete explanations to the Pension Protection Fund (PPF), the Pensions Regulator, Silentnight and the trustees of the Silentnight Pension Scheme in relation to Silentnight, in breach of the Fundamental Principle of Integrity in the Code.
A Disciplinary Tribunal will be convened to hear the Formal Complaint and determine whether the Respondents have committed Misconduct. A hearing date will be announced in due course.
The FRC’s investigation was opened in October 2015 following a referral from the Pensions Regulator. A Proposed Formal Complaint was served on the Respondents in March 2018.
Notes to editors:
- The FRC’s mission is to promote transparency and integrity in business. The FRC sets the UK Corporate Governance and Stewardship Codes and UK standards for accounting and actuarial work; monitors and takes action to promote the quality of corporate reporting; and operates independent enforcement arrangements for accountants and actuaries. As the competent authority for audit in the UK the FRC sets auditing and ethical standards and monitors and enforces audit quality.
- The FRC is the independent, investigative and disciplinary body for accountants and actuaries in the UK dealing with cases which raise important issues affecting the public interest. In brief, the stages of the disciplinary process under the Accountancy Scheme are:
- Decision to investigate
- Decision whether to bring enforcement 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
Under the Accountancy Scheme 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.
The criteria are specified in paragraph 5(1) of the Accountancy Scheme. A Member or Member Firm shall be liable to investigation under this Scheme only where, in the opinion of the Conduct Committee the matter raises or appears to raise important issues affecting the public interest in the United Kingdom and there are reasonable grounds to suspect that there may have been Misconduct or it appears that the Member or Member Firm has failed to comply with any of his or its obligations under paragraphs 14(1) or 14(2) of the Scheme.
Investigations are conducted by Executive Counsel and the Enforcement division.
- All Press enquiries should be directed to:
- Peter Timberlake, Head of Communications, on telephone: 020 7492 2397/ 07768 502332, or email: email@example.com.
- Rita Carolan, Communications Manager, on telephone: 020 7492 2307/ 07428 149096 or email: firstname.lastname@example.org.
- Alana Sinnen, Communications Manager, on telephone: 020 7492 2395/ 07949 005526 or email: email@example.com.
- If you no longer wish to receive press releases from the FRC please email firstname.lastname@example.org.
Contact the Press Office
Rita CarolanCommunications Manager
- +44 020 7492 2307
Latest News from
WiredGov Newswire (news from other organisations)
Redundancy activity jumps as private sector pay expectations remain low, new research from the CIPD and the Adecco Group shows11/08/2020 10:40:00
Survey of more than 2,000 employers points to a ‘challenging autumn’ for pay and jobs
LGA - Urgent investment needed to boost mental health recovery11/08/2020 09:40:00
Failure to urgently invest in mental health and other vital local services will undermine efforts to boost the country in the next phases of the pandemic, councils in England warn.
Wales TUC welcomes Childcare announcement but voices concern over future10/08/2020 12:15:00
Wales TUC has welcomed the return of the Welsh Government Childcare Offer following an interruption for the Coronavirus Childcare Assistance Scheme but warns that serious challenges remain for workers in Wales.
'No surprises' approach to lock lockdowns vital for business & communities - CBI Northern Ireland10/08/2020 11:05:00
The CBI recently (Friday) set out six ways in which to build confidence for those businesses, local councils and communities affected, if their local area comes under new temporary restrictions.
CBI Northern Ireland responds to Trader Support Service announcement07/08/2020 16:05:00
CBI Northern Ireland have responded to Trader Support Service announcement.
‘No surprises’ approach to local lockdowns vital for businesses and communities – CBI07/08/2020 12:15:00
The CBI has today (Friday) set out six ways in which to build confidence for those businesses, local authorities and communities affected, if their local area comes under new temporary restrictions.
Wales TUC – don’t forget workers’ health and safety as we reopen economy07/08/2020 09:05:00
Wales TUC yesterday renewed its call for workers’ health and safety to be at the centre of plans to reopen the Welsh economy.
CBI responds to Bank of England quarterly monetary policy report06/08/2020 15:15:15
CBI have responded to Bank of England quarterly monetary policy report.
NHS Confederation - Additional funding will help mitigate the impact of COVID-19 pandemic06/08/2020 14:40:00
Darren Hughes, Director of the Welsh NHS Confederation responded to the further £800m announced yesterday for the Welsh NHS to continue to respond to the impact of COVID-19