The ICAEW is handing a lavish sum to Michael Izza, its retiring CEO, amid a protracted row over its retention of fines imposed on audit firms, Sky News learns.
That statement did, however, hail Mr Izza's advocacy"for the reform of audit and corporate governance".
In the case of Silentnight, the mattresses retailer, the ICAEW pocketed a £13.5m penalty rather than using the money to reimburse pensioners who saw their retirement pots hit by its collapse. Cited by The Times, Richard Murphy, a professor of accounting who also founded the Corporate Accountability Network, said it was"wholly unreasonable" that the ICAEW"should be enriched every time one of its members is fined for harming the public by delivering substandard work".
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