Emerging Business Trust

AADB PN 7 12 December 2008 The Executive Counsel of the AADB has conducted an investigation into the conduct of McClure Watters Chartered Accountants as auditors to the Emerging Business Trust and the EBT Venture Fund Limited. Following the investigation it has been decided to file disciplinary complaints against McClure Watters Chartered Accountants and Rollo McClure. The complaints relate to the audits of the accounts of Emerging Business Trust Limited for the years ended 30th September 1998 to 30th September 2002 inclusive and the accounts of the EBT Venture Fund Limited for the year ended 30th September 2001. An independent Tribunal has been appointed to hear the complaints and will be chaired by Anthony Evans QC. Notes to Editors This announcement is made further to the announcement at the start of the investigation dated 25 July 2006. The Financial Reporting Council (FRC) is the UK’s independent regulator responsible for promoting confidence in corporate reporting and governance. Its functions are exercised principally by its operating boards (the Accounting Standards Board, the Auditing Practices Board, the Board for Actuarial Standards, the Financial Reporting Review Panel, the Professional Oversight Board, and the Accountancy and Actuarial Discipline Board). The Committee on Corporate Governance assists the Board in its work on corporate governance. The Accountancy and Actuarial Discipline Board ("AADB") is the independent, investigative and disciplinary body for accountants and actuaries in the UK. The AADB is responsible for operating and administering independent disciplinary schemes for these professions. The Accountancy Scheme covers Members of the following accountants' professional bodies:- the Association of Chartered Certified Accountants, the Chartered Institute of Management Accountants, the Chartered Institute of Public Finance and Accountancy, the Institute of Chartered Accountants in Ireland, the Institute of Chartered Accountants of Scotland and the Institute of Chartered Accountants in England and Wales. The Actuarial Scheme covers Members of the Faculty of Actuaries in Scotland and the Institute of Actuaries (collectively referred to as the Actuarial Profession). The focus of the AADB is on cases which raise important issues affecting the public interest; other disciplinary cases will continue to be dealt with by the relevant professional body. The purpose of an investigation is to determine whether there is evidence of misconduct on the part of Members or Member Firms of the professional bodies. An investigation does not always mean that an allegation has been made or that there is evidence of misconduct on the part of the Member or Member Firm involved. Disciplinary complaints filed following an AADB investigation are heard by an independent Tribunal which will normally sit in public. If the Tribunal upholds a complaint, there is a wide range of sanctions which it can impose including an unlimited fine, exclusion from membership of a professional body covered by one of the Schemes and withdrawal of practising certificates or licenses.  All Press enquires should be directed to: Cameron Scott, Executive Counsel, on telephone: 020 7492 2450 or email: c.scott@frc-aadb.org.uk.