iSoft Group plc - Outcome of Disciplinary Hearing
News types: Investigations
Published: 22 March 2010
The Executive Counsel of the AADB filed a disciplinary complaint against Mr Storey arising out of the investigation into his conduct in relation to events at iSoft Group plc. The complaint was admitted by Mr Storey.
In summary, Mr Storey accepted that he had, on a number of occasions between November 2003 and November 2005, provided false and misleading information to iSoft’s former auditors in relation to a purported iSoft contract.
The Tribunal upheld the complaint brought by the AADB and ordered that Mr Ian Storey be excluded as a Member of the ICAEW for a minimum recommended period of 8 years. It ordered Mr Storey to pay a total of £20,000 costs to the AADB.
The report of the Disciplinary Tribunal will not be published at this time as the AADB has decided it would not be in the public interest to do so in the light of criminal proceedings which have been commenced by the FSA against other parties arising out of the same circumstances. This decision will be kept under review.
Notes to Editors
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The Financial Reporting Council (FRC) is the UK’s independent regulator responsible for promoting confidence in corporate reporting and governance. Its functions are exercised principally by its operating bodies (the Accounting Standards Board, the Auditing Practices Board, the Board for Actuarial Standards, the Financial Reporting Review Panel, the Professional Oversight Board and the Accountancy & Actuarial Discipline Board) and by the FRC Board. The Committee on Corporate Governance assists the Board in its work on corporate governance.
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The Accountancy and Actuarial Discipline Board ("AADB") is the independent, investigative and disciplinary body for accountants and actuaries in the UK. The AADB is responsible for operating and administering independent disciplinary schemes for these professions. The Accountancy Scheme covers Members of the following accountants' professional bodies:- the Association of Chartered Certified Accountants, the Chartered Institute of Management Accountants, the Chartered Institute of Public Finance and Accountancy, the Institute of Chartered Accountants in Ireland, the Institute of Chartered Accountants of Scotland and the Institute of Chartered Accountants in England and Wales. The Actuarial Scheme covers Members of the Faculty of Actuaries in Scotland and the Institute of Actuaries (collectively referred to as the Actuarial Profession).
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The focus of the AADB is on cases which raise important issues affecting the public interest; other disciplinary cases will continue to be dealt with by the relevant professional body. The purpose of an investigation is to determine whether there is evidence of misconduct on the part of Members or Member Firms of the professional bodies. An investigation does not always mean that an allegation has been made or that there is evidence of misconduct on the part of the Member or Member Firm involved.
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Disciplinary complaints filed following an AADB investigation are heard by an independent Tribunal which will normally sit in public. If the Tribunal upholds a complaint, there is a wide range of sanctions which it can impose including an unlimited fine, exclusion from membership of a professional body covered by one of the Schemes and withdrawal of practising certificates or licenses.