The Institute of Chartered Accountants Disciplinary Tribunal has struck an Accountant off the register after he stole his client’s money.

The Accountant worked in a firm where had access to the bank account where client money was held.

Over a period of 18 months the Accountant transferred an estimated $280,000 to his own bank accounts.

When he was caught, the Accountant admitted that he had been stealing funds for over eight years, so the total stolen was likely significantly higher.

The Tribunal found the Accountant guilty of professional misconduct that reflected on his fitness to practice as an Accountant and that brought the profession into disrepute.

The Tribunal ordered that the Accountant’s name be removed from the register, explaining that it was the only penalty in the circumstances that would adequately protect the public.

The Accountant was also ordered to pay $56,853 toward the costs of the investigation and hearing.

Accountants are often entrusted with handling significant amounts of client’s funds. Theft of client funds is seen by the Tribunal as a breach of the core principles of the accounting profession; honesty and integrity. In such circumstances, the Tribunal will often strike an Accountant off the Register.

If there are concerns that an Accountant has mishandled money that they have been entrusted with, it pays to speak with a professional experienced in the area.

Leading law firms committed to helping clients cost-effectively will have a range of fixed-priced Initial Consultations to suit most people’s needs in quickly learning what their options are.  At Rainey Collins we have an experienced team who can answer your questions and put you on the right track.