Raymond Doherty 9 Aug 2017 10:42am

Former FD of Tech Data banned for 10 years

Philip John James admitted misconduct and agreed to a fine and exclusion from profession

He admitted 12 allegations that his conduct fell significantly short of the standards reasonably to be expected of a member of the Association of Chartered Certified Accountants.

The Financial Reporting Council’s (FRC) investigation into Tech Data Limited (formerly known as Computer 2000 Distribution Limited) related to the preparation and approval of the financial statements for the financial years ended 31 January 2012 and 31 January 2013.

In 2014 the FRC launched its initial probe under the Accountancy Scheme into Computer 2000.

Tech Data had conducted its own internal investigation in 2013 after restating its accounts for the fiscal years 2011, 2012 and 2013, to correct “accounting improprieties” relating to its UK business.

"The audit committee, its independent counsel and forensic accountants performed a thorough investigation of the company's accounting practices," Charles Adair, chairman of Tech Data's audit committee, said at the time.

The company shed $27m off its previously reported net profits, following the probe.

C2000 was taken over by Tech Data in 1998 to become the UK arm of the worldwide distribution company. In October 2013, C2000 rebranded to Tech Data.

The investigation into auditors EY and members of ICAEW involved continues, said the FRC.