PracticeAccounting FirmsDisciplinary watchdog to reveal its caseload

Disciplinary watchdog to reveal its caseload

The new disciplinary watchdog holds its first board meeting tomorrow in which executives are expected to discuss the cases that will investigated by its executive counsel, Cameron Scott.

Link: No statutory powers for investigative bodies

Accountancy Age understands that four cases are being discussed by the Accountancy Investigation Discipline Board, with Mayflower and Shell believed to be among them.

But the chances of a first case being referred this week are slim with next month a more likely scenario.

The Shell fiasco, which saw the oil giant overstate its proven reserves by an astonishing 4.35 billion barrels, could escape an AIDB investigation because it is currently the subject of SEC and FSA probes. The investigation is also less likely because Judy Boynton, Shell’s disgraced former CFO, is not a chartered accountant.

Big Four firms, KPMG and PricewaterhouseCoopers, act as Shell’s auditors and both face questioning by the SEC.

The £20m accounting scandal at bus-maker, Mayflower, may be a better bet for the AIDB to take on. David Donnelly, the finance director who left at the end of April, is ACCA-qualified. Andersen, Mayflower’s auditors until 2002, were replaced by PwC, although it is still not clear when the irregularities occurred.

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