Accountant found to have committed professional misconduct for significant audit deficiencies; practice restricted and fined.
The Professional Conduct Committee alleged that the member failed to perform his professional services in accordance with generally accepted standards of practice of the profession, contrary to Rule 206.1 of the CPA Ontario Code of Professional Conduct.
The allegations related to multiple audit, review, and compilation engagements, including audits of reporting issuers, where significant deficiencies were identified.
The member admitted the allegations.
The Discipline Committee found that the allegations were established and constituted professional misconduct.
The Committee ordered that the member's assurance practice be restricted to permanently prohibit him from performing audits of reporting issuers, that he enter into an 18-month supervision agreement for all other assurance engagements, and that he pay a $25,000 fine and $42,000 in costs.
