BusinessCompany NewsFormer iSoft FC excluded from the ICAEW after AADB probe

Former iSoft FC excluded from the ICAEW after AADB probe

iSoft's former financial controller Ian Storey hit with £20,000 costs bill and has ICAEW membership withdrawn for a minimum of 8 years

Accounting watchdogs have said Ian Storey, a former financial controller at
healthcare software provider iSoft, has been excluded from the ICAEW for at
least eight years and hit with £20,000 in costs.

In a statement today, the Accountancy and Actuarial Disciplinary Board (AADB)
said Storey had received the punishment after admitting he had “on a number of
occasions between November 2003 and November 2005, provided false and misleading
information to iSoft’s former auditors in relation to a purported iSoft
contract”.

Cameron Scott, executive counsel for the disciplinary board, filed a
complaint against Storey arising out of an investigation into his conduct in
relation to events at iSoft Group plc.

The hearing was
held
behind closed doors last month.

The company, which was delivering a major IT contract for the NHS was
seriously
affected
by an accounting scandal
.

A tribunal upheld the complaint brought by the AADB and ordered Storey to be
excluded as a member of the ICAEW for a minimum recommended period of 8 years,
and also ruled he should pay costs to the AADB.

The AADB added that the disciplinary tribunal’s report into the matter would
be kept confidential for the time being because of an FSA probe.

“It would not be in the public interest to do so in the light of criminal
proceedings which have been commenced by the FSA against other parties arising
out of the same circumstances,” the AADB added.

Further reading:

ICAS
opts for public disciplinary tribunals

AADB
investigates iSoft concerns

Former
iSoft directors to face FSA charges

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