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News March 2009 Emerging Business Trust - Outcome of the Investigation

Emerging Business Trust - Outcome of the Investigation

30 March 2009

The AADB announces publication of the report of its Executive Counsel, Cameron Scott, following his investigation into the conduct of Michael Townsley, Theresa Townsley and MTF Chartered Accountants in relation to various matters including the Emerging Business Trust Limited and Emerging Business Trust Venture Fund Limited.

The Executive Counsel has concluded that there is no realistic prospect that a disciplinary tribunal would make an adverse finding in respect of the conduct of Theresa Townsley or Michael Townsley.  Accordingly the AADB will not bring formal complaints and no further action will be taken.  The reasons for this decision are set out in the Executive Counsel’s report which can be found on the AADB website.

Notes to Editors
  1. 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, whose members are drawn from the Board of the FRC, assists it in its work on corporate governance.
  2. 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).
  3. 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.
  4. 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.

Document created under a former FRC operating body.


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