AIDB holds fire on iSoft
Executive counsel refuses to rule iSoft probe in or out after crunch meeting yesterday
The Accountancy Investigation and Discipline Board is still deciding whether
or not it will launch a probe into the conduct of the accountants and auditors
involved in the controversy at at healthcare IT company iSoft.
The AIDB was scheduled to reach a decision on the iSoft matter yesterday
evening, but by this afternoon the watchdog had still not reached a decision on
whether to investigate the struggling NHS supplier.
The delay will place further pressure on the AIDB, an arm of the Financial
Reporting Council, to reach a decision on what has been the most controversial
accounting scandal of the year.
Speaking under ‘instructions from the board’, AIDB executive counsel Cameron
Scott indicated that he was not in a position to confirm whether he would take
matters with iSoft further.
‘iSoft is one of a number of cases under consideration. We are consulting all
the relevant professional bodies. We will make any relevant announcements as
necessary,’ said a muted Scott, who has been locked in meetings for the past two
days.
The Financial Services Authority has already launched a probe into iSoft,
which is understood to have recognised revenues over 2 years in advance and used
a £70m off-balance sheet credit facility.
If the AIDB does investigate iSoft, current and former auditors Deloitte and
RSM Robson Rhodes could be in the firing line. Former chief exectuive Tim
Whiston could also be investigated.
iSoft could not be reached for comment.
For the full iSoft story visit accountancyage.com/2163525