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Fine of 270,000 euros a Price for the audit of the Popular of 2012

The ICAC also Saciona Deloitte with another 270,000 euros for the ACS accounts of 2012

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Fine of 270,000 euros a Price for the audit of the Popular of 2012

The Institute of Accounting and Auditing of accounts (ICAC) has sanctioned PriceWaterHouseCoopers auditors (PwC) for audit work of annual accounts of 2012 and Deloitte for those carried out in ACS related to results of 2011, as published this Wednesday official Gazette of State (BOE).

The sanction affects PriceWaterHouseCoopers auditors and its auditor partner José María Sanz Olmeda, signatory of audit report, "co-responsible for commission of two serious infringements having incurred failure to comply with audit rules Likely to have a significant effect on outcome of ir work. " They are sanctioned by individual annual accounts of 2012 of Banco Popular and by consolidated, "whose audit reports were issued on February 28, 2013."

The partner Sanz Olmeda, is imposed two penalties of fine for 3,200 euros and 3,400 euros, which would also entail "its incompatibility with respect to annual accounts of Popular".

PwC sent a note highlighting that " ICAC conducted a thorough review of our audit of 2102 for twelve months and did not question bank's accounts or our audit opinion. The only aspect that drew attention to is a supposed formal flaw in work papers of a punctual game whose content was not questioned eir.

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However, firm claims that it does not agree with sanction, " minor who contemplates law, and that is why we have appealed. We believe that ICAC is based on very subjective arguments and without any support in rules and in auditory practice. "

Deloitte by ACS

For its part, ICAC has sanctioned Deloitte with two fines 267,260 euros, and its partner auditor Javier Parada, with 6,000 euros for commission of two serious offences "having incurred in breach of rules of audit likely to have an effect Significant about outcome of ir work. " The fines correspond to audit work of individual annual accounts of 2011 of ACS and of consolidated annual accounts of entity, whose audit reports were issued on March 22, 2012.  Deloitte impose two penalties on 0.1% of fees invoiced by company for audit activity in last closed year prior to imposition of sanctions. To Javier Parada, in addition to penalties, two of 3,000 euros, it establishes its incompatibility for auditor annual accounts of ACS.

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