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Two accountants at KPMG were fined £2,000 last week for their role in failed dotcom Boo.com.

As reported by Accountancy Age, the Institute of Chartered Accountants in England & Wales (ICAEW) tribunal also ordered Philip Wallace and Michael McLoughlin to pay £40,000 each in costs.

The two served as liquidators at the failed fashion site when it went bust in 2000, but KPMG had earlier provided the company with a CFO. The tribunal found these actions to be a conflict of interest.

KPMG said that it disagreed with the verdict but was not appealing for "practical reasons".

"Limited amounts of reasoning and information were made by the tribunal," a company spokesman told Accountancy Age. "There wasn't any evidence the work was compromised." 

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Published 7 August, 2006 by Richard Maven

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Harry Goodman

I wonder how the committee came to a decision without evidence. Seems quite strange.

over 3 years ago

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