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FRC sanctions Tech Data’s former FD
11 August 2017
Tech Data’s former FD, Philip John James, has admitted misconduct and has been fined and excluded from the profession. This follows an investigation by the FRC into the preparation and approval of Tech Data’s financial statements for the financial years ended 31 January 2012 and 31 January 2013. Tech Data was formerly know as C2000.
James admitted 12 allegations that his conduct fell significantly short of the standards reasonable expected of a member of the ACCA. James breached the ACCA’s Fundamental Principle of Integrity, which required him to be straightforward and honest in all professional and business relationships and not to be knowingly associated with information that he knew to be false or misleading.
The parties have agreed the following terms of settlement, which has been approved by a legal member of the independent Tribunal Panel:
* Exclusion as a member of ACCA for a recommended period of 10 years.
* A fine of £100,000, reduced to £35,625 taking into accountant James’s’ financial resources, adjusted for mitigating factors and discounted for settlement.
The FRC are still investigating EY and members of the ICAEW over the audits of C20000 from 2009 to 2013.
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