Robson Rhodes Fined £225,000 for Misconduct
The Accountancy and Actuarial Discipline Board (AADB) has fined RSM Robson Rhodes LLP Robson Rhodes and Glyn Williams, respectively a member firm and member of the ICAEW and former auditors to iSoft Group plc, for their misconduct related to iSoft Group plc.
The Executive Counsel of the AADB filed an admitted disciplinary Complaint against Robson Rhodes and Glyn Williams arising out of the investigation into their conduct in relation to events at iSoft Group plc.
Robson Rhodes and Mr Williams accepted that their conduct had, in relation to the audits of the accounts of iSoft Group plc for the years ended 30th April 2003, 2004 and 2005 fallen short of the standards reasonably to be expected of members and member firms in relation to revenue recognition, funded contract receivables, and goodwill.
The Tribunal upheld the admitted Complaint brought by the AADB. It ordered that Robson Rhodes pay a fine of £225,000 and a contribution of £750,000 towards the costs of the AADB. The Tribunal also ordered that Mr Glyn Williams be reprimanded and pay a fine of £15,000.
The report of the Disciplinary Tribunal will not be published at present due to ongoing criminal proceedings. This decision will be reviewed in due course, according to the AADB.
The AADB emphasized that the matters referred to above do not in any way relate to iSoft Group Limited, a company registered in Australia, formerly IBA Health Limited, which now trades as iSoft in the UK.