Accountant fined for rules breach
Wednesday November 18 2009
A Co Antrim accountant has been hit with a €30,000 fine and forced out of the profession's chartered institute.
The Chartered Accountants Regulatory Board (CARB) imposed the penalties on Ballymena accountant John T. Osborne who was a member of Chartered Accountants Ireland.
A Disciplinary Tribunal found that he had breached its rules on a number of counts, including accepting a loan from a client.
The ruling body found that the accountant, with an address on the town's Crankill Road, should also pay costs of €5,103.44 to the Regulatory Board.
The body confirmed it had found the accountant acted in breach of his duty to respond to correspondence from the Head of Quality Assurance; accepted a loan from a director of a company which was also an audit client; had a judgement in the sum of £35,000 plus interest and costs outstanding against him in favour of a third party and failed to account to a client for monies held on their behalf.
The Disciplinary Tribunal ordered that Mr Osborne be excluded from membership of Chartered Accountants Ireland, be severely reprimanded and fined €30,000.
The Disciplinary Tribunal also ordered that he pay costs of €5,103.44 towards the costs of the Chartered Accountants Regulatory Board.
Press Association
