iSoft Accountants Set For Disciplinary Hearing

Wed, 07 Sep 2011

The audit firm and partner which carried out accounting work for a software specialist are set to face a disciplinary hearing.

RSM Robson Rhodes and Glyn Williams, who were responsible for accounting at iSoft, which was founded by the late Birmingham businessman Roger Dickens, will face the Accountancy and Actuarial Discipline Board in October for "acts of misconduct" in relation to "inappropriate recognition of revenue on long-term contracts".

Mr Dickens, who died from cancer in 2006, founded iSoft in 1994 while at KPMG alongside Patrick Cryne and Stephen Graham.

The company went on to become one of the biggest players in the technology boom which took Britain by storm in the early years of the last decade, with its value peaking at more than £1 billion. At this point the founders sold their stocks and became multimillionaires.

However, the Financial Services Authority (FSA) was called in to investigate evidence of irregularities at the firm during the financial years ending April 2004 and 2005.

Mr Cryne and Mr Graham, as well as former chief executive Timothy Whiston and director John Whelan, have since been charged with conspiracy to make misleading statements to the stock market. All deny the charges and will appear again in court later this month.

The company, which was involved in the NHS software programme known as the National Programme for IT, has since been sold to Australian software firm IBA Health, which renamed itself iSoft after the takeover in October 2007.

Since the original investigation began in 2006, Robson Rhodes has merged with Grant Thornton and Glyn Williams is now an audit partner based in the firm’s Manchester office.
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