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Tuesday 07 May, 2019

Financial RepCouncil

Announcement re Stephen Chamberlain

RNS Number : 1180Y
Financial Reporting Council
07 May 2019
 

Stephen Chamberlain, former Vice President of Finance of Autonomy Corporation plc

                                                                                                                                07 May 2019

The Financial Reporting Council (FRC) announces that the Formal Complaint against Stephen Chamberlain, former Vice President of Finance of Autonomy Corporation plc, has been stayed pending the outcome of criminal charges, which include 15 counts of fraud, that he faces trial for in the United States.

Mr Chamberlain has consented to an order suspending him from membership of the Institute of Chartered Accountants in England and Wales (ICAEW) until the Formal Complaint against him can be heard.  The Order for Stay, Interim Order of Suspension, both dated 4 April 2019, and the Report of the Tribunal in relation to the Interim Order dated 3 April 2019, have been published.

The Formal Complaint against Deloitte LLP, Richard Knights and Nigel Mercer in relation to Autonomy Corporation plc, announced on 31 May 2018, is unaffected by the stay and Interim Order involving Mr Chamberlain.

The Formal Complaint against Sushovan Hussain, former CFO of Autonomy Corporation plc, was stayed on 2 November 2018 and he was suspended as a member of the ICAEW on the same date.

Notes to editors:

1.       The FRC's mission is to promote transparency and integrity in business.  The FRC sets the UK Corporate Governance and Stewardship Codes and UK standards for accounting and actuarial work; monitors and takes action to promote the quality of corporate reporting; and operates independent enforcement arrangements for accountants and actuaries. As the competent authority for audit in the UK the FRC sets auditing and ethical standards and monitors and enforces audit quality.

2.       The FRC is the independent, investigative and disciplinary body for accountants and actuaries in the UK dealing with cases which raise important issues affecting the public interest. In brief, the stages of the disciplinary process under the Accountancy Scheme are:

·    Decision to investigate

·    Investigation

·    Decision whether to bring enforcement proceedings against Member Firm or Member and, if so decided, referral to Disciplinary Tribunal

·    Tribunal hearing

·    Determination and imposition of sanction and/or costs orders

Under the Accountancy Scheme the FRC can start a disciplinary investigation in one of two ways: (i) the professional bodies can refer cases to the FRC; and (ii) the FRC may decide of its own accord to investigate a matter. The Conduct Committee will consider each case identified or referred to it and decide whether or not the criteria for an investigation are met.

The criteria are specified in paragraph 5(1) of the Accountancy Scheme. A Member or Member Firm shall be liable to investigation under this Scheme only where, in the opinion of the Conduct Committee the matter raises or appears to raise important issues affecting the public interest in the United Kingdom and there are reasonable grounds to suspect that there may have been Misconduct or it appears that the Member or Member Firm has failed to comply with any of his or its obligations under paragraphs 14(1) or 14(2) of the Scheme.

Investigations are conducted by Executive Counsel and the Enforcement division.

3.       All Press enquiries should be directed to:

·    Peter Timberlake, Head of Communications, on telephone: 020 7492 2397/ 07768 502332, or email: [email protected].

·    William Boyack, Communications Manager, on telephone: 020 7492 2307/ 07480 210166 or email: [email protected].

·    Alana Sinnen, Communications Manager, on telephone: 020 7492 2395/ 07949 005526 or email: [email protected].

4.       If you no longer wish to receive press releases from the FRC please email [email protected].

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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