PracticeAuditTransbus 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

The ‘uncomfortable truth’ behind FRC’s Big Four fines recommendations

Audit The ‘uncomfortable truth’ behind FRC’s Big Four fines recommendations

5d Carl Johnson, Stephensons
BDO holds off Big Four to retain top position as AIM auditor

Audit BDO holds off Big Four to retain top position as AIM auditor

6d Alia Shoaib, Reporter
FRC urged to fine Big Four firms penalties over £10m

Audit FRC urged to fine Big Four firms penalties over £10m

3w Alia Shoaib, Reporter
EY to audit Standard Chartered bank

Audit EY to audit Standard Chartered bank

1m Alia Shoaib, Reporter
KPMG replaces PwC as Croda auditor

Accounting Firms KPMG replaces PwC as Croda auditor

2m Emma Smith, Managing Editor
EY fined £1.8m over Tech Data audit

Accounting Standards EY fined £1.8m over Tech Data audit

2m Emma Smith, Managing Editor
Top 50+50: Firms post significant growth in new tax and audit rankings

Audit Top 50+50: Firms post significant growth in new tax and audit rankings

2m Emma Smith, Managing Editor
FRC closes investigation into PwC over Barclays compliance

Accounting Firms FRC closes investigation into PwC over Barclays compliance

2m Alia Shoaib, Reporter