Grant Thornton is the latest bean counter to be shamed

THE scandal engulfing accountancy claimed another victim yesterday as Grant Thornton was shamed for misconduct.

It was fined £4m by the Financial Reporting Council for work on clients Vimto-maker Nichols and University of Salford.

The FRC said the misconduct related to the appointment of former senior partner Eric Healey to the companies’ audit committees, despite being employed at the same time to provide consultancy work.

It fined Mr Healey £200,000, discounted to £150,000 on settlement, and excluded him from the Institute of Chartered Accountants for five years.

It has also imposed penalties of between £45,000 and £75,000 on three of Grant Thornton’s former senior statutory auditors – Kevin Engel, David Barnes and Joanne Kearns, following their admissions of misconduct over the audits.

The FRC found misconduct over financial statements of Nichols and the University of Salford for four years. It said Mr Healey’s employment as a consultant as well as auditor resulted in a loss of independence.