The Disciplinary Tribunal of the Institute of Chartered Accountants has struck-off an Accountant after he spent significant amounts of money on his company credit card.

The Accountant worked at the highest level of the company and had access to a company credit card to entertain clients and pay for other business expenses.

Over the period of a year, the Accountant spent around $35,000 on the credit card, a significant amount of which was on personal expenses. When the issue was raised with the Accountant, he repaid the $35,000.

The Tribunal held that the improper use of the credit card was intentional and dishonest, and amounted to professional misconduct.

The Tribunal ordered the Accountant to be struck-off the register and to pay costs of $21,000. It explained that this kind of dishonesty was incompatible with membership of the Institute.

Accountants must act honestly and with high standards of integrity at all times, particularly when dealing with employer or client funds. Failure to do so may result in exclusion from the institute’s membership.

If there are concerns about how an accountant is handling client or employer money, it is wise to speak with a professional experienced in the area.

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