iSoft man lands eight-year ban

IAN Storey, a former iSoft employee, was banned from practising as an accountant for eight years yesterday after providing false information to auditors.

The financial controller of the UK-based healthcare software company admitted he had given “false and misleading information to iSoft’s former auditors over a two-year period in relation to a purported iSoft contract” at a disciplinary tribunal last month. iSoft, the firm behind the £2bn upgrade of NHS computers, first owned up to financial irregularities in 2004 and 2005.

He has been ordered to pay £20,000 to the Accountancy and Actuarial Discipline Board (AADB), on top of his eight-year ban.

It is the toughest sanction handed down by the independent tribunal system.

The tribunal has not published its report because four of his former colleagues have been charged by the Financial Services Authority (FSA) with conspiring to make misleading statements. Under investigation are former chairman and founder Patrick Cryne, former chief executive Timothy Whiston, former commercial director Steve Graham and former finance director John Whelan.

“It would not be in the public interest to do so in the light of criminal proceedings which have been commenced by the FSA against other parties,” the AADB added.

Soft became part of the IBA Health Group following a merger completed in October 2007.

Soft was founded in 1994 as a group within accounting giant KPMG, and bought out of the accountant in 1996.