ACCOUNTANCY DISCIPLINE chief Cameron Scott packed his bags this week, leaving the world of regulation and wrist-slapping for pastures new.
In his eight years as executive counsel of the Accountancy and Actuarial Discipline Board, the Scottish solicitor has presided over a number of big wins.
PwC was up against the disciplinary panel on Monday, arguing for gentle sanctions in relation to their JP Morgan Securities audit failure.
Earlier this month, Robson Rhodes was ordered to pay £1m for audit errors in software business iSoft Group, and McClure Watters was sanctioned in 2009 for its audit of Emerging Business Trust.
Scott’s departure is half shrouded in mystery. While Tuesday was his last day in the Financial Reporting Council office, he is technically employed by the regulator until Easter.
He decision to leave coincides with major restructuring at the FRC, and Scott will not be drawn on whether this factor was material.
“It is just time to leave. I’m really looking forward to the next step, and I’m pleased with the good results we’ve had in the last eight years.”
The bar beckons, and Scott said he has “wanted to go to the bar for some time”. To do this, he must re-qualify as a barrister, and the outgoing chief said there will be several hoops “steeped in tradition” to jump through on the way.
His temporary replacement is fraud expert Tom Martin, who joined the AADB in 2008. As senior lawyer and alternate executive counsel, Martin was a natural choice as interim caretaker.
“I am very pleased to have this opportunity,” he said, but refused to reveal whether he will be applying for the permanent position.
Scott said he will spend some of his time off skiing and with his children.
“It’s been a great eight years, I’m quite proud of our achievements. We had a fairly inauspicious start but managed to overcome this to secure some good wins, as well as progressing older cases to fruition,” he concluded.
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