Key facts
- HW Fisher LLP fined 140,000 pounds for audit lapses.
- Simon Mott-Cowan fined 17,500 pounds for audit lapses.
- Lapses concerned the 2020 audit of Liberty Commodities Limited, part of the GFG Alliance.
- Breaches included a lack of professional skepticism and inadequate audit procedures.
- Mott-Cowan has ceased his audit practice.
The UK's Financial Reporting Council (FRC) has imposed sanctions on audit firm HW Fisher LLP and its partner Simon Mott-Cowan over their audit of Liberty Commodities Limited's (LCL) financial statements for the year ended March 31, 2020. HW Fisher was fined 140,000 pounds and received a Severe Reprimand, while Mott-Cowan was fined 17,500 pounds and also received a Severe Reprimand. Mott-Cowan has since ceased his audit practice. The FRC found numerous and serious breaches in the audit work, including a lack of professional skepticism, and inadequate procedures related to LCL's business model and financial arrangements with Greensill Capital and Wyelands Bank.