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Standards & GuidanceAIDB criticised over Mayflower investigation
The Accounting Investigation and Discipline Board’s (AIDB’s) investigation into the collapse of Mayflower was criticised by the disciplinary tribunal which cleared David Donnelly, former finance director at the vehicle manufacturer, and its auditor, PricewaterhouseCoopers.
Both the firm and Donnelly were accused by the AIDB of engaging in conduct that fell short of that expected from qualified accountants. The Tribunal, however, dismissed the cases against them.
The tribunal was particularly critical of the AIDB for using as its “independent expert” Emile Woolf - someone who had been closely linked with the investigation and who was therefore clearly not independent. The tribunal suggested to the AIDB that in future cases it consider separating its investigatory and expert roles.
Meanwhile, Ian Shelton, a financial controller at Mayflower's Transbus subsidiary, was suspended from his membership of the Association of Certified Chartered Accountants for a year after he admitted acting dishonestly by withholding information from the Transbus bankers, HSBC.
LinksAccounting Investigation and Discipline Board Association of Certified Chartered Accountants
February, 2007 |
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