BusinessCompany NewsFSA investigates iSoft

FSA investigates iSoft

Company at centre of accounting issues says FSA is investigating

iSoft, the software company at the centre of the health services
multibillion-pound overhaul, is under investigation by the Financial Services
Authority (FSA).

‘The group has now received notification from the FSA that they will be
undertaking a formal investigation into the possible accounting irregularities,’
iSoft said in a statement.

In the last month the company has said that a provisional inquiry by its
auditors Deloitte, unearthed accounting irregularities for its 2004 and 2005
accounts as revenues for both these years were presented in the accounts sooner
than they should have been.

The Serious Fraud Office has also been alerted to the situation, The
Guardian
suggested this morning.

Labour MP Paul Farrelly has also called on the Department for Trade and
Industry to investigate the company.

The software company’s shares dropped a further 2.5p to 41.25p yesterday.

iSoft must re-state its results tomorrow or its shares, which have already
gone down 90p this year, will be suspended.

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