This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies.
The Financial Accounting Resource Center™ is a comprehensive research service that provides the full text of standards, the latest news from the Accounting Policy & Practice Report ®,...
The U.K. Financial Reporting Council issued a disciplinary complaint Jan. 25 against three former top executives of emergency services company AssetCo plc.
The complaint focuses on the conduct of John Shannon, former AssetCo chief executive officer—as well as former chief financial officer Raymond Flynn and former financial controller Matthew Boyle—in preparing and approving the company’s financial statements for the financial years ending March 31, 2009 and March 31, 2010.
The three former executives “acted dishonestly or recklessly and breached the fundamental principles of integrity and objectivity” in preparing the financial statements, FRC alleged.
The complaint encompasses an array of concerns in the financial statements.
The council sets and enforces accounting, auditing and actuarial standards for the U.K. and the Republic of Ireland.
FRC’s executive counsel and its enforcement division now will carry out an investigation into the former executives, all of whom are members of Chartered Accountants Ireland. If, after the investigation, the case is referred to an independent tribunal, the former managers could face financial penalties, sanctions—such as being barred from accounting practice for a set length of time—or both.
Monmouth, U.K.-based AssetCo chiefly provides management and resources to fire and emergency services in the Middle East, a notice on the company’s web site said.
Its work includes supplying outsourced fire and rescue operations for the government of the United Arab Emirates.
FRC is also conducting a separate investigation started in August 2014 into the conduct of Grant Thornton UK LLP and AssetCo in the preparation, approval and audit of the company’s financial statements covering the reporting years March 31, 2008 to March 31, 2010.
This investigation encompasses ”the preparation of financial information leading up to the identification of the restatement reported in the financial statements” for the period ending Sept. 30, 2011, the council said.
To contact the reporter on this story: David R. Jones in London at correspondents@bna.com
To contact the editor responsible for this story: S. Ali Sartipzadeh at asartipzadeh@bna.com
Copyright © 2017 Tax Management Inc. All Rights Reserved.
All Bloomberg BNA treatises are available on standing order, which ensures you will always receive the most current edition of the book or supplement of the title you have ordered from Bloomberg BNA’s book division. As soon as a new supplement or edition is published (usually annually) for a title you’ve previously purchased and requested to be placed on standing order, we’ll ship it to you to review for 30 days without any obligation. During this period, you can either (a) honor the invoice and receive a 5% discount (in addition to any other discounts you may qualify for) off the then-current price of the update, plus shipping and handling or (b) return the book(s), in which case, your invoice will be cancelled upon receipt of the book(s). Call us for a prepaid UPS label for your return. It’s as simple and easy as that. Most importantly, standing orders mean you will never have to worry about the timeliness of the information you’re relying on. And, you may discontinue standing orders at any time by contacting us at 1.800.960.1220 or by sending an email to books@bna.com.
Put me on standing order at a 5% discount off list price of all future updates, in addition to any other discounts I may quality for. (Returnable within 30 days.)
Notify me when updates are available (No standing order will be created).
This Bloomberg BNA report is available on standing order, which ensures you will all receive the latest edition. This report is updated annually and we will send you the latest edition once it has been published. By signing up for standing order you will never have to worry about the timeliness of the information you need. And, you may discontinue standing orders at any time by contacting us at 1.800.372.1033, option 5, or by sending us an email to research@bna.com.
Put me on standing order
Notify me when new releases are available (no standing order will be created)