ACCOUNTING’S WATCHDOG has filed a disciplinary complaint against RSM Robson Rhodes and partner Glyn Williams for their audits of NHS software business iSOFT.
The Accounting and Actuarial Discipline Board launched an investigation into RSM Robson Rhodes on 12 October 2006, and widened the scope to include, among others, Williams.
The complaint relates to the audits of the accounts of iSOFT Group Plc and its principal subsidiary, iSOFT plc, for the years ended 30 April 2003, 2004 and 2005.
It alleges acts of misconduct in relation to: inappropriate recognition of revenue on long-term contracts; iSOFT’s failure to recognise on its balance sheet receivable balances and associated liabilities in relation to income streams from contracts which had been “sold” to third party funding providers; and the audit of goodwill balances.
An RSM Robson Rhodes spokesman said: “Robson Rhodes has cooperated fully with the AADB throughout its protracted investigation of the role of various parties involved with iSoft. Robson Rhodes is disappointed that, after more than four years, the decision has now been made to take the matter to a tribunal and will contest the AADB’s findings when the case is heard.”
RSM Robson Rhodes was acquired by Grant Thornton in July 2007. Williams is still a partner at the firm.
The issues do not relate in any way to iSOFT Group Limited, an Australian-registered company formerly known as IBA Health.
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