Accountants' watchdog bans former iSoft pair for 8 years

Everybody's getting banned for 8 years these days.

http://www.thebusinessdesk.com/nort...bans-former-isoft-pair.html?news_section=4168


THE accounting watchdog has banned two former top executives at health software firm iSoft for eight years.

Former finance director and then chief executive Tim Whiston from Lymm and ex-finance director John Whelan from Cheadle, admitted to the Financial Reporting Council that their conduct fell significantly short of the standards expected of members of the Institue of Chartered Accountants in England and Wales.

Both men were previously cleared of criminal wrongdoing at a trial in London in 2013 after a case against them and other directors of the one time high-flying Manchester FTSE 250 company collapsed.

In the case brought by the FRC the pair admitted "recklessly causing or permitting iSoft" to recognise £22m of revenue from an unsigned Irish health service contract, and four other similar breaches relating to the company’s accounts. The pair also misled auditors Robson Rhodes.

Settlements between the FRC and Mr Whiston and Mr Whelan involved them both agreeing to be excluded from the ICAEW for a recommended period of eight years, and Mr Whiston also agreed to pay £50,000 to help pay the institute's costs.


iSoft, originally based in central Manchester and then on a business park next to Manchester Airport, was a major supplier to a multi-billion pound NHS IT contract.

It floated in 2000 and in five years its market value hit £1bn. The wheels came off in 2006 when the company issued a dramatic profit warning, after discovering “accounting irregularities” affecting several previous years. Its share price nosedived and the company was bought by Australian rival IBA Health in 2007.

 

I don't understand it , haven't they just admitted to the accounting body that they misled the stock market by allowing the accounts to include a contract they didn't have at the time , which is what the trial was partly about or have I got it wrong

 

"Robson Rhodes being misled "

I bet that's difficult.


Sent from my iPhone using Tapatal

 

Jury's need to be convinced beyond reasonable doubt to find someone guilty. It is very hard to do this since it involves the jury understanding accounting concepts and principles. The defence will have made sure that there is no-one on the jury with any pre-existing accountancy knowledge or experience, thus making sure that they will find it very hard to understand what they are told and making it very easy to confuse them.

However, an accountancy body will have an in depth knowledge of accounting principles and will make their minds up about guilt very quickly and with great certainty.

 

I still don't understand Patrick cryne using Robson rhodes. At isoft. That is a HUGE confidence isn't it?

 

'In the case brought by the FRC the pair admitted "recklessly causing or permitting iSoft" to recognise £22m of revenue from an unsigned Irish health service contract, and four other similar breaches relating to the company’s accounts. '
I think the surprising thing is that the report says they admitted the misaccounting of the contract so it must follow they misled the stock exchange . The first trial the jury couldn't decide their guilt either way , the second was collapsed as the prosecution hadn't disclosed a document to the defence. Haven't they opened themselves up to a new prosecution by admitting malpractice or are they just saying we were sh.ite accountants and didn't know what we were doing .... but we made a stack of money despite being crap

 

I wouldn't dare venture an opinion

 

But that's the thing. Even if I TRIED to find a conspiracy or to try to accuse PC of anything underhand with Robson Rhodes (Hi Patrick) I just can't. Now if our administration had been the other way round and PC had bought the club for most off RR then I could but he didn't, it was the opposite way runs and they didntnsell to him.

 

Baffled me at the time tbf

 

iSoft

2 board members banned from Accountancy Body for falling 'significantly below the standards expected' & breaching 'fundamental principle of integrity'.

http://www.thetimes.co.uk/tto/business/industries/technology/article4646836.ece

 

Re: iSoft

But PC in the clear:

http://www.theguardian.com/business...n-into-isoft-co-founder-dropped-by-regulators

 

Re: iSoft

co-owner? who is the other owner.

 

Re: iSoft

Barnsley Council?

 

Re: iSoft

https://m.youtube.com/watch?v=wCZe70UfjPA