Transbus accountant cleared in AIDB tribunal

Transbus accountant cleared in AIDB tribunal

AIDB did not prove complaint of 'dishonesty' on behalf of former financial controller of Transbus International

The first accountant to be tried before a public tribunal has been cleared of
dishonesty; the complaint against him.

The panel of the first public tribunal held by the Accountancy Investigation
and Discipline Board, delivered its findings today, dismissing the AIDB’s
complaint against Ian Shelton.

The panel found that the AIDB had failed to prove a case of dishonesty
against him.

The former financial controller of Transbus International Limited, a
subsidiary of Mayflower Plc, had earlier admitted to being complicit in
maintaining fraudulent spreadsheets, in order to mislead their bank, HSBC.

The charges against Shelton are part of a bigger case, involving the collapse
of Transbus International Limited, which abused an invoice-discounting facility.

He argued in his defence that he had acted under the instruction of senior
managers.

Shelton’s solicitor, Margaret Bromley, said her client was relieved at the
outcome of the case.

‘He has always maintained he was not dishonest. He has been vindicated by the
tribunal,’ she said.

Part two of the hearing against Mayflower and its auditors
PricewaterhouseCoopers began today.

Related Articles

FRC fines reach record high after 24% increase this year

Audit FRC fines reach record high after 24% increase this year

2d Alia Shoaib, Reporter
PwC replaces Deloitte as Linklaters auditor after Arsenal lawsuit

Audit PwC replaces Deloitte as Linklaters auditor after Arsenal lawsuit

4d Alia Shoaib, Reporter
New FRC Corporate Governance Code focuses on culture and diversity

Audit New FRC Corporate Governance Code focuses on culture and diversity

5d Lucy Skoulding, Reporter
PwC ordered to pay $625.3m over failure to detect Colonial Bank fraud

Audit PwC ordered to pay $625.3m over failure to detect Colonial Bank fraud

2w Alia Shoaib, Reporter
FRC to investigate KPMG’s Conviviality audit

Audit FRC to investigate KPMG’s Conviviality audit

3w Alia Shoaib, Reporter
June news roundup with Alia Shoaib

Audit June news roundup with Alia Shoaib

3w Alia Shoaib, Reporter
FRC opens investigation into Deloitte’s audits of SIG

Audit FRC opens investigation into Deloitte’s audits of SIG

3w Alia Shoaib, Reporter
PwC auditor spent just two hours on BHS audit, says chairman

Audit PwC auditor spent just two hours on BHS audit, says chairman

4w Alia Shoaib, Reporter