Outcome of disciplinary case against Mark Woodbridge

PN 50/15

The Financial Reporting Council (FRC) today publishes the report of the disciplinary hearing against Mark Woodbridge, former Group Financial Accountant of Torex Retail plc and a former Member of ACCA.

The Tribunal found that Mr Woodbridge’s conduct fell significantly short of the standards reasonably to be expected of a Member and has brought discredit to him and to the accountancy profession, in that he has been convicted by Oxford Crown Court of the criminal offences of false accounting and conspiracy to defraud.  The convictions relate to the interim financial statement for Torex Retail plc, of which Mr. Woodbridge was the Group Financial Accountant, for the period ended 30 June 2006.

The Tribunal excluded Mr Woodbridge from membership of the profession for a recommended period of 10 years.

Read or download the Tribunal Report: Mr. Mark Woodbridge (PDF)

Notes to editors:

1.    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.

2.    In relation to disciplinary matters, the FRC is the independent, investigative and disciplinary body for accountants and actuaries in the UK dealing with cases which raise important issues affecting the public interest. In brief, the stages of the disciplinary process are: 

• Decision to investigate
• Investigation
• Decision whether to bring disciplinary proceedings against Member Firm or Member and, if so decided, referral to Disciplinary Tribunal
• Tribunal hearing
• Determination and imposition of sanction and/or costs orders

The FRC can start a disciplinary investigation in one of two ways: (i) the professional bodies can refer cases to the FRC; and (ii) the FRC may decide of its own accord to investigate a matter. The Conduct Committee will consider each case identified or referred to it and decide whether or not the criteria for an investigation are met.
 
Investigations are conducted by Executive Counsel and the Professional Discipline team within the Conduct Division. If disciplinary proceedings are commenced, Executive Counsel delivers a complaint to the Conduct Committee. The Conduct Committee then instructs the Convener to appoint a Disciplinary Tribunal.