FineJun 21 2018

RSM Tenon's ex-finance chief sanctioned for misconduct

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RSM Tenon's ex-finance chief sanctioned for misconduct

A former finance director of RSM Tenon has been slapped with sanctions for misconduct in preparing financial statements.

The Financial Reporting Council (FRC) has banned Russell McBurnie from the accountancy profession for five-years.

Mr McBurnie has also been fined £60,000, which was reduced to £57,000 for settlement, and has been ordered to pay £825,000 towards the costs of the investigation.

The terms of the settlement have been approved by the independent Disciplinary Tribunal appointed to hear the Formal Complaint.

This comes after Mr McBurnie admitted extensive misconduct in relation to the preparation and approval of the financial statements of RSM Tenon for the year ending on 30 June 2011.

Mr McBurnie admitted nine allegations that his conduct fell significantly short of the standards reasonably to be expected of a member of the Institute of Chartered Accountants in England and Wales (ICAEW).

He was found to have breached two of the Fundamental Principles of the ICAEW Code of Ethics, including the Fundamental Principle of Integrity which required him to be straightforward and honest in all professional and business relationships.

The FRC today (Thursday) published the settlement agreements in relation to Mr McBurnie, PricewaterhouseCoopers LLP (PwC), Nicholas Boden and Andrew Raynor. Sanctions against PwC and Mr Boden, a partner of PwC, in relation to the audit of RSM Tenon were announced in August 2017, and sanctions against Mr Raynor, former chief executive of RSM Tenon, were announced in December 2016.