iSoft suspends commercial director following accounting irregularities

News Article - 08 August 2006
Category: Regulatory

The commercial director of troubled software firm iSoft has been suspended following an initial internal inquiry found evidence of accounting irregularities in 2004 and 2005.

Stephen Graham will be suspended until a further formal investigation is concluded, the company said, while one other employee has been placed on a special leave of absence.

Others who appear to have been involved in the irregularities have already left the company, it added.

"The principal effects of this would appear to have been to recognise revenues earlier than they should have been," said an iSoft statement.

"They do not have any effect on the cash position of the group." Given the initial findings, suspending Mr Graham was the only "appropriate" response, said the firm.

iSoft is a key contractor supplying software for the £12.4 billion overhaul of IT systems within the NHS.

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