Accountant fined for PII and annual return offences
An accountant has been severely reprimanded and fined £4,500 for failing to submit an annual return and doing business without professional indemnity insurance (PII).
Patricia Cornish, of Laurel Farm, Colegate End, Pulham Market, failed to submit an annual return in 2012 and “engaged in public practice” without PII – both contrary to regulations for chartered accountants, a disciplinary tribunal found.
Cornish, a sole practitioner, resigned her membership from the ICAEW shortly before it held its disciplinary hearing in July.
The tribunal said it was concerned that it had not had any contact from Cornish for more than a year but said it was able to compile sufficient evidence against her, including the “numerous” letters it sent her.
It has been unable to confirm that Mrs Cornish is complying with PII regulations, because it has not received her annual return.
As well as the reprimand and fine, the ICAEW ordered Cornish to pay costs of £1,500.
Source: accountingweb- Accountant fined for PII and annual return offences
