AIDB Announces Investigation into Recent Events at iSoft Group Plc
25 October 2006
AIDB PN 10
The Accountancy Investigation and Discipline Board (“AIDB”) has decided to launch an investigation into recent events at iSoft Group Plc.
The initial subjects of the investigation will be:
RSM Robson Rhodes LLP, auditors of the financial statements of iSoft Group Plc for the years ended 30 April 2003, 2004, 2005.
Members holding executive or non-executive directorships of iSoft Group Plc in the relevant period.
The scope of the investigation shall be as follows:
“The conduct of Members and Member Firms in relation to the preparation, approval and audit of the Financial Statements of iSoft Group Plc for the financial years ended 30 April 2003, 2004 and 2005.”
This decision was taken following consultation with the ICAEW, ACCA, CIMA and CIPFA, whose Members and/or Member Firms are included within the initial subjects of the investigation.
Notes to Editors
The Financial Reporting Council (the FRC) is a unified, independent regulator. Its aim is to promote confidence in corporate reporting and governance. The FRC has six operating bodies: 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 Investigation and Discipline Board.
The Accountancy Investigation and Discipline Board ("AIDB") is the independent, investigative and disciplinary body for accountants in the UK. The AIDB is responsible for operating and administering an independent disciplinary scheme ("the Scheme") covering 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 and the Institute of Chartered Accountants in England and Wales.
The focus of the AIDB is on cases which raise important issues affecting the public interest; other disciplinary cases will continue to be dealt with by the individual accountancy body of the member concerned.
Disciplinary Complaints filed following an AIDB 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 and withdrawal of practising certificates or licenses.