Richard Carr, 51, and William Jeffrey, 48, appeared at Solihull Magistrates Court where they faced the charges brought under section 19 of the Theft Act 1968 and section 389A (2) of the Companies Act 1985.
Both men were released on conditional bail.
The charges come after an investigation by the Serious Fraud Office working with the West Midlands Police. The investigation began in May 2002 after a referral by the Department of Trade.
Transtec is the company once run by former Labour minister Geoffrey Robinson who was chairman and chief executive from 1991 until 1994.
The charges also follow publication of a report by the DTI a year ago.
In June this year, the Accountants Joint Discplinary Scheme announced that PricewaterhouseCoopers and one of the firm’s partners, Jonathan Lander, would face complaints over the 1997 and 1998 audits of Transtec.
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