Ex-iSoft employee barred for misleading auditors

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The Accountancy and Actuarial Discipline Board [AADB] has barred a former iSoft employee Ian Storey from being a member of the Institute of Chartered Accountants for England and Wales for eight years. It also ordered him to pay £20,000 costs.  

An announcement about the outcome of its disciplinary hearing against Storey is on the AADB website. It says that Storey, who was iSoft's Financial Controller, "accepted that he had, on a number of occasions between November 2003 and November 2005, provided false and misleading information to iSoft's former auditors in relation to a purported iSoft contract".

The auditors were Robson Rhodes, which became a part of Grant Thornton on July 1, 2007.

The Executive Counsel of the AADB had filed a disciplinary complaint against Storey arising out of the investigation into his conduct in relation to events at iSoft Group plc. The complaint was admitted by Storey.

The report of the AADB's Disciplinary Tribunal is not being published at this time because the "AADB has decided it would not be in the public interest to do so in the light of criminal proceedings which have been commenced by the FSA against other parties arising out of the same circumstances. This decision will be kept under review".

Australian health IT group IBA Health bought iSoft in October 2007 and has since renamed itself iSoft. 

In January the Financial Services Authority began criminal proceedings against four former iSoft directors who are due to appear at Southwark Crown Court later this year, charged with making misleading financial statements. Three have denied all the charges and a fourth has made no comment. 

iSoft Group plc - Outcome of Disciplinary Hearing - AADB website 

Former iSoft financial controller admits providing false auditing information - ComputerWeekly.com

iSoft founder says he'll be vindicated - IT Projects Blog

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