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iSoft probe gets formal

Evidence of irregularities for FY 2004, 2005

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Troubled software firm iSoft Plc said today it has found evidence of possible accounting irregularities for the financial years 2004 and 2005.

In July iSoft commissioned an initial independent investigation into possible irregularities, which has now concluded there are grounds for “a more formal investigation.”

The investigation concluded there was evidence of irregularities for financial years ending April 30, 2004 and 2005. It said the "principal effects" appear to have been revenues being recognised earlier than they should have been. iSoft said there was no effect on the group's cash position.

The board has suspended Steve Graham, who was commercial director at the time, while it awaits the outcome of the formal investigation. Another employee has been put “on special leave of absence”. It said that other employees that “appear to be involved” have since left the company.

iSoft has had a pretty dreadful year. It has been forced to change the way it accounts for its revenues, forcing delays in its results. It has also had to slash its financial forecasts, and slash its headcount. CEO Tim Whiston left the firm in June.

This has all happened in parallel with the unravelling of the NHS IT system, which has had knock-on effects on suppliers, iSoft included.®

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