Accountant fined for rules breach
Wednesday November 18 2009
A Co Antrim accountant has been hit with a 30,000 euro (£27,000) 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 euro 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 euro.
The Disciplinary Tribunal also ordered that he pay costs of 5,103.44 euro towards the costs of the Chartered Accountants Regulatory Board.
Press Association
