Defending Accountants and Accountancy Firms

For firms

Accountancy and audit firms, regardless of size, are increasingly subject to complex regulatory oversight.

Whether your firm is facing an investigation, enforcement action, or is the subject of a monitoring visit, we regularly act for firms facing regulatory interventions by all accountancy and audit regulators, including the FRC, ICAEW, ACCA, ICAS, ICAI, CIMA, and AAT.

Our advice to firms includes:

• Defending in all stages of FRC proceedings under the Audit Enforcement Procedure and Accountancy Scheme.
• Representing firms in investigations brought by accountancy regulators, including the ICAEW and ACCA.
• Engaging constructively with regulators at an early stage to resolve matters efficiently and decisively, without recourse to a formal disciplinary hearing process.
• Conducting independent internal investigations where complaints or allegations of misconduct have been raised.
• Advising firms on their duties to report/self-report misconduct, including following the findings of an internal investigation.
• Advising on responses to adverse monitoring/supervision outcomes, including by the FRC, ICAEW and ACCA.
• Handling publicity and reputational risks associated with regulatory investigations.

For accountants and insolvency practitioners

Regulatory investigations can be distressing, both at a professional and personal level.

Our team has extensive experience advising on investigations by all major UK and Irish accountancy bodies, including the FRC, ICAEW, ACCA, ICAS, ICAI and AAT. We regularly support individual accountants through every stage of the disciplinary process, including:

• Advising on reporting/self-report obligations to regulators.
• Responding to correspondence from the regulator in the course of an investigation.
• Preparation for and representation at an FRC interview.
• Drafting written representations when the matter is referred to an independent decision-maker for consideration, including the ICAEW Conduct Committee or ACCA Independent Assessor.
• Negotiating for early resolution with regulators, without the need to proceed to a disciplinary hearing.
• Responding to formal documents received from regulators, including an FRC Investigation Report and Proposed Formal Complaint.
• Preparation and representation at any disciplinary hearing, including witness preparation and advocacy.
• Advising on the appeals process following a disciplinary hearing.
• Advising on health and fitness matters, including in proceedings before the ICAEW Fitness to Practice Committee and ACCA Health Committee.

Recent cases

Notable recent cases include:

• Defending a senior executive in FRC and collateral proceedings following the collapse of a listed company.
• Defending a leading accountancy firm in an FRC investigation regarding its audits of a listed entity under the Audit Enforcement Procedure.
• Securing multiple ‘no further action’ outcomes in investigations by accountancy regulators against partners and senior executives of global accountancy firms.
• Advising a leading accountancy firm on proceedings brought by the overseas equivalent of the FRC.
• Conducting an internal investigation into alleged misconduct by partners and senior individuals of a professional services firm, and advising on reporting obligations to the relevant regulators.
• Advising partners of accountancy and professional services firms on reporting obligations and the disciplinary process in cases involving sexual misconduct and criminal convictions.