The Dutch Authority for the Financial Markets has reported that its disciplinary complaint against the auditor of a scrap and gold trading business was upheld on all counts by the Accountants Chamber, resulting in a six-month removal from the professional registers that prevents the auditor from practising during that period. The case concerned the audit of the 2020 financial statements, for which the auditor issued a disclaimer of opinion. The Accountants Chamber found the auditor moved too quickly to that conclusion and performed insufficient work to identify and assess fraud-related risks of material misstatement, including failing to recognise that gold trading involves different risks than metals trading. As a result, the auditor did not design and perform adequate procedures to obtain sufficient appropriate audit evidence on the existence of revenue from gold sales, and was found to have seriously breached the fundamental principle of professional competence and due care and to have shown insufficient professional scepticism. Both the Dutch Authority for the Financial Markets and the auditor may appeal the decision.
Dutch Authority for the Financial Markets 2026-03-27
Dutch Authority for the Financial Markets upheld in full in disciplinary case against scrap and gold trader’s auditor with six-month suspension
The Dutch Authority for the Financial Markets announced that the Accountants Chamber upheld its disciplinary complaint against an auditor of a scrap and gold trading business, resulting in a six-month removal from professional registers. The auditor was found to have inadequately assessed fraud-related risks and failed to obtain sufficient audit evidence, breaching professional competence and due care principles. Both parties may appeal the decision.