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It makes you sick, where are the Carillion crooks who prepared dodgy accounts, plus the ones who issued a clean audit report?
I have no respect for any of these so-called institutes as long as the big fiddlers and dodgers remain members.
Agree entirely with Mr Mischief.
ICAEW etc take the easy option.
Thye will not and dare not go near the large firms who, on a regular basis bring the profession into disrepute.
The audit and "business recovery" industry is corrupt from top to bottom.
"Respectable" people at the top are simply committing legalised fraud against shareholders, buisness owners and the public and their friends in power are happy to see them continue.
I so agree with the above comments; can we not start a ball rolling about how the ICAEW's own standards bring the ICAEW [not to mention the FRC} into total disrepute? How sad and dispiriting that my statement here is in the expectation that the above two AUGUST bodies will now take it out on me.
Perhaps we should push so that all auditors good or bad have to trade under a different name ie ABC auditing Ltd so that we can differentiate ourself from the auditors.
I assume that AVN will not be doing any more videos telling everyone how great Phil Ellerby and Northern Accountants are after this. AVN Firm of the Year in 2014 and, according to Steve Pipe's book, 'one of the worlds most inspiring accountants'.
Surprisingly enough he still features on the AVN website. I would have thought any reference to him would have been removed rather quickly.
The list of dodgy accountants who sign off dodgy accounts for dodgy payments is very long, and one is tempted to say that the ones that get caught are the low hanging fruit. Tescos, RBS, etc etc etc... Say no more.
In the financial crisis, over 300 European banks needed emergency funding, some sort of State support in its various guises. Some key facts:
1. Every single one had a clean audit report issued within 12 months of the above funding.
2. NOT ONE SINGLE disciplinary action of any sort that I am aware of - please point me to the facts if I missed one - arose concerning the dodgy FDs and dodgy auditors.
Who brings the profession into greater disrepute? Ellerby, or the dodgy FDs and auditors who helped bring the global financial system crashing down around our ears?
Who brings the profession into greater disrepute? Ellerby, or the dodgy FDs and auditors who helped bring the global financial system crashing down around our ears?
Mr Ellerby has unfortunately admitted dishonesty, A dishonest accountant does bring the profession in to disrepute.
ACCA had no choice.
I wish him all the best for the future.
You refer to European banks so obviously that includes Ireland. As a matter of fact, at least two Irish qualified accountants were jailed in 2016 (one for over three years) for their involvement in a circular series of transactions relating to end of year window dressing of the balance sheet of a publicly quoted Irish bank in 2008. The trial of another one is, co-incidentally, almost complete with the jury considering a verdict as I write.
Disciplinary action by their professional bodies was usually suspended pending the criminal cases.
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You refer to European banks so obviously that includes Ireland. As a matter of fact, at least two Irish qualified accountants were jailed in 2016 (one for over three years) for their involvement in a circular series of transactions relating to end of year window dressing of the balance sheet of a publicly quoted Irish bank in 2008. The trial of another one is, co-incidentally, almost complete with the jury considering a verdict as I write.
And the verdict came in last week: guilty of conspiracy to defraud and false accounting. Sentenced today to six years imprisonment. Incidentally, the guilty parties did not benefit financially from their crimes. The accounts of the quoted PLC bank were misleading because of the dodgy transactions that the culprits arranged to make the year-end balance sheet look better. It didn't matter in the end: the bank went bust a few months later and was nationalised.
Agree, they had no choice. Where we can and should be is that they feel they have even less choice with the dodgy FDs and dodgy auditors of Carillion, busted banks and so on.
Chris Cope's comment that "exclusion was, I think, inevitable" at the decision in Ellerby. He has recently acted for a member before an ICAEW tribunal in a case where the tribunal found against the member for unprofessional practice, improperly retaining client funds (theft and fraud of HMRC in everyday language), signing audit reports when not a registered auditor. The member was fined but not expelled. ICAEW still consider him suitable to be a member !!