Wednesday 3rd January, 2018
A former Financial Controller who worked for Tech Data Limited (formerly Computer 2000 Distribution Ltd) has been fined and excluded from the accountancy profession for 4 years.
This follows an investigation by The Financial Reporting Council (FRC) into the preparation of the financial statements for the financial years ended 31 January 2012 and 31 January 2013.
He admitted to six allegations where his conduct fell significantly short of the standards reasonably to be expected of a member of the Institute of Chartered Accountants in England and Wales (ICAEW).
The FRC’s Executive Counsel agreed to exclude him from ICAEW for a recommended period of 5 years (reduced to 4 years for mitigating factors) and a fined £50,000, reduced to £11,250 taking into account his financial resources.
Claudia Mortimore, FRC's Interim Executive Counsel, said, “Misconduct by accountants undermines public confidence in the profession and in the reliability of financial statements. The sanctions in this case, including a period of exclusion, send a message to the profession that members must uphold high standards of conduct and act with integrity in all areas of their work.”
In August 2017, the former financial director of Tech Data Limited was also banned from the profession for 10 years after admitting to 12 allegations of misconduct.