Question to the Department for Business, Energy and Industrial Strategy:

To ask Her Majesty's Government, further to the Written Answer by Lord Henley on 16 January (HL4543), how much in fines has been received under the Statutory Auditors and Third Country Auditors Regulations 2016 (SI 2016/649); how much in fines was received and passed on to other bodies from schemes prior to those Regulations coming into force in (1) 2012, (2) 2013, (3) 2014, (4) 2015, and (5) 2016; and to which organisations those fines were passed.

No fines have been received under the Statutory Auditors and Third Country Auditors Regulations 2016.

We are informed by the Financial Reporting Council (FRC) that the following fines were imposed under the FRC’s accountancy scheme from 2012 to 2016 and passed to the participating body which met the related case costs. (The table does not include the costs that were awarded to the bodies in relation to specific cases or the contributions to case costs by the participating bodies overall.)

Key

ICAEW: The Institute of Chartered Accountants in England and Wales

CIMA: The Chartered Institute of Management Accountants

CAI: Chartered Accountants Ireland