Irish Accountant Hit With GBP27,000 Fine

Tue, 24 Nov 2009

An Irish accountant has been fined and struck off the Institute of Chartered Accountants in Ireland for breaching ethical guidelines.

John T Osborne was last week fined 30,000 euro (£27,000) by the Chartered Accountants Regulatory Board (CARB) and told he could no longer practice as a member of Chartered Accountants Ireland after a disciplinary tribunal found he had infringed rules on a number of occasions.

The regulatory body confirmed the Ballymena accountant breached his duty when he failed to respond to correspondence from the Head of Quality Assurance .

It also said he had taken a loan from a director of a company which was also an audit client.

Furthermore, the board found that he had a judgment of £35,000 plus interest and costs outstanding against him in favour of a third party, and failed to account to a client for monies held on their behalf.

In addition to the £27,000 fine, Mr Osborne was also ordered to pay almost £5,000 in costs to the CARB.
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