Misleading Accountant Banned From Top Accounting Roles For 8 Years

Tue, 23 Mar 2010

The former financial chief of healthcare software company iSoft has been banned from acting as a chartered accountant for eight years for repeatedly giving misleading information to auditors .

At a disciplinary tribunal last month, Ian Storey admitted to the Accountancy and Actuarial Discipline Board (AADB) 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 disciplinary complaint brought by the AADB and ordered that the former financial controller should be excluded as a member of the Institute of Chartered Accountants in England and Wales (ICAEW) for at least eight years and ordered him to pay costs of £20,000 - the toughest sanction to be handed down by the body to date.

The AADB said it could not yet publish a full report on the case because the Financial Services Authority (FSA) had begun criminal proceedings against four of his former colleagues at iSoft for the offence of conspiracy to make misleading statements.

The FSA has been investigating alleged accounting irregularities in iSoft's financial statements between 2003 and 2005, before the company was acquired by Australia’s IBA Health.

ISoft is currently working on a £2 billion IT systems upgrade for the NHS .
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