BusinessFire engine firm AssetCo’s money men banned over accounting scandalAssetCo used to supply fire engines in LondonPAJoanna Hodgson7 August 2018The former top brass of AssetCo, the firm that used to lease London’s fire engines, were on Tuesday excluded from the accountancy profession following a reporting scandal.The Financial Reporting Council said the move comes after a disciplinary tribunal found some members of the former management team committed misconduct.This was in relation to the preparation and approval of the group’s financial statements for the years to March 2009 and March 2010.As a result, AssetCo restated its accounts in 2011 and a significant loss was caused by its shares plunging from 60p to 1.75p, according to the FRC The City watchdog revealed ex-boss John Shannon, former finance chief Raymond Flynn and once-financial controller Matthew Boyle have been excluded for 16, 14 and 12 years.Read MoreWH Smith hire turnaround veteran with package that could be worth £25mBlue Posts boss: If opening a pub becomes so risky, people just won't do itCulpeper pub boss: Rates system is not fit for purpose — and not fairSponsoredReset your wellbeing for the year aheadOn top of that they have been handed fines respectively of £250,000, £150,000 and £100,000.Last year auditor Grant Thornton was fined £2.3 million for failing to challenge “fictitious revenues” at the firm.MORE ABOUTassetco
