The accountancy profession is facing mounting pressure to answer why it pockets tens of millions of pounds in fines rather than give it back to the victims of the wrongdoing.
Darren Jones, the chair of the Commons’ business energy and industrial strategy committee, has now written to the ICAEW to justify why it should keep the fines from the misconduct of its own members!
Some were shocked when it was revealed a KPMG fine of £14.4 million for forging document in connection with the audit of Carillion went straight into the ICAEW bank account.
Both ICAEW and ACCA have now reportedly told CItyAM that they would be happy to give the millions they reaped through fines against the Big 4 to the Treasury instead.
