Disciplinary outcome: Phillip Simpson

1. He, or a person for whom he is professionally responsible, incorrectly recorded a sum of £80,000 in [Firm X’s] financial statement for the year ended 31 October 2024, and submitted these accounts to Companies House without prior approval from [Firm X’s] directors, thereby causing a misrepresentation of the company’s financial position.
2. He, or a person for whom he is professionally responsible, incorrectly entered or allowed the entry of an asset valued at £74,274 into [Firm X’s] QuickBooks accounting system without substantive documentation to support the QuickBooks entry.
3. He, or a person for whom he is professionally responsible, used the login details of a former employee at 525 Accountancy Services Ltd to make a £74,274 into [Firm X’s] QuickBooks accounting system, without authorisation.
4. He, or a person for whom he is professionally responsible, failed to implement adequate internal control systems required of a professional accountancy practice, which contributed to or failed to prevent the actions detailed in Allegations 1, 2 or 3 above. 

By reason of the conduct set out in the Allegations above, Phillip Simpson is guilty of misconduct pursuant to Article 21 of AAT’s Articles of Association. 

1. Severely reprimanded for a period of five years.
2. Fined £5,000.
3. Deemed ineligible to hold fellow member (FMAAT) status for five years.
4. Warned about his future conduct.

The decision of the Investigations Team shall stand as an Order of the Association pursuant to Regulations 5.2 and 5.3 of the Disciplinary Regulations.