The Financial Reporting Council has recommended that SIlverwood be excluded as a member of the ICAEW for five years, and had his fine reduced from £50,000 due to his financial resources.
Silverwood, who worked for technology company Tech Data Limited (formerly known as Computer 2000 Distribution Limited), admitted to six allegations of misconduct in relation to statements for financial years ending 31 January 2012 and 2013.
His behaviour fell short of the standard expected in the ICAEW fundamental principle of integrity.
“Misconduct by accountants undermines public confidence in the profession and in the reliability of financial statements,” said Cluadia Mortimore, FRC interim executive counsel.
“The sanctions in this case, including a period of exclusion, send a message to the profession that members must uphold high standards of conduct and act with integrity in all areas of their work,” she added.
In August, the former financial director of Tech Data Limited Philip John James as banned from the profession for 10 years after admitting to 12 allegations of misconduct.
Last month, the FRC found itself in the headlines after its newly published register of interests revealed that the senior civil servant at the Department of Business, Energy and Industrial Strategy (BEIS) is married to FRC chief executive Stephen Haddrill.
Also last month, in a letter to Treasury committee chairman Nicky Morgan, the FRC said that it wanted more scope after admitting it should have acted faster in regards to the HBoS scandal.