Institutes – Scots ICA suspends ‘pillar of Establishment’

The Scots ICA has suspended a former member of its professional standards board for three years after finding him guilty of a catalogue of misconduct charges.

Ronald Ironside, 66, was described by one acquaintance as ?a pillar of the Edinburgh establishment?. But, while serving on the institute?s standards board and liaison committee in the early 1990s, he misappropriated #18,900 held by his firm Ironside & Co on behalf of a private trust.

The disciplinary hearing also found there was a conflict of interest between his roles as accountant, committee member, chairman and chief executive of Adam Housing Society between 1975 and February 1998. In addition to his professional standards posts, he was also convenor of the institute?s investment business authorisation committee and chaired the joint investment business committee of the Scots, Irish and English ICAs.

As accountant to Lowlands Housing Society, Ironside failed to notify his client that the AHS failed to remit rents it had collected on Lowlands? behalf. The amount owed by the end of 1996 was #225,083.

Ironside said all the outstanding amounts had been settled. ?Nobody has lost anything,? he told Accountancy Age. ?Perhaps if I had spent more time within the firm, this wouldn?t have happened.?

Ironside became a senior partner of Kidsons Impey in Edinburgh when it amalgamated with his firm, Ironside & Co, in July 1990, but resigned in October 1994. When winding up the private trust fund, Kidsons traced the missing #18,900 back to the transfer from Ironside & Co in July 1990.

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