The Financial Reporting Council (FRC) announces the publication of its Disciplinary Tribunal Reports in relation to:
RSM Robson Rhodes LLP and Glyn Williams, a Member Firm and Member of the ICAEW and former auditors to iSoft Group plc
Ian Storey, a Member of the ICAEW and former Financial Controller with iSoft Group plc
In relation to Robson Rhodes and Mr Williams, the Tribunal upheld the admitted Complaint brought by the FRC’s Accounting and Actuarial Discipline Board (AADB) and ordered that Robson Rhodes pay a fine of £225,000 and a contribution of £750,000 towards the costs of the AADB. It also ordered that Mr Williams be reprimanded and pay of fine of £15,000.
In relation to Mr Storey, the Tribunal upheld the admitted Complaint brought by the AADB and ordered that Mr Storey be excluded as a Member of the ICAEW for a minimum recommended period of 8 years and to pay a total of £20,000 costs to the AADB.
The outcomes of these hearings were made on 22 March 2010
(Ian Storey) and 21 November 2011
(RSM Robson Rhodes LLP and Glyn Williams) but the reports of the Tribunal were not published at that time as the AADB decided it would not be in the public interest to do so in the light of the criminal proceedings brought by the FSA (now the FCA). As those criminal proceedings were terminated by the FCA on 22 July 2013, the Conduct Committee of the FRC has now decided it is in the public interest to publish the reports.
Notes to editors:
The Complaints were brought by the AADB but since October 2012 the AADB ceased to exist and its functions were taken over by the Conduct Committee of the FRC.
The FRC is responsible for promoting high quality corporate governance and reporting to foster investment. We set the UK Corporate Governance and Stewardship Codes as well as UK standards for accounting, auditing and actuarial work. We represent UK interests in international standard-setting. We also monitor and take action to promote the quality of corporate reporting and auditing. We operate independent disciplinary arrangements for accountants and actuaries; and oversee the regulatory activities of the accountancy and actuarial professional bodies.
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