Smith & Williamson has been given a £5,000 fine and costs over its audit of an FSA-regulated business.

The firm agreed to a consent order from the ICAEW’s investigation committee after it was found to have failed to obtain sufficient appropriate evidence that its client had maintained adequate systems to comply with client money rules.

A number of other firms were also fined by the institute including Mackenzie Field and Allens Accountants.

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