Alexander Flood

Member’s name: Mr Alexander Flood
Date of Hearing: 28 November 2017
Division: New Zealand
Tribunal: Disciplinary Tribunal

On 28 November 2017 the Disciplinary Tribunal found Mr Alexander Flood breached Article 39(a)(ii)F of the Constitution in that he was the subject of an adverse finding that was not overturned on appeal in respect of a Determination of the Disciplinary Tribunal of the New Zealand Institute of Chartered Accountants (NZICA) following a Hearing held on 4 and 5 April 2017.

The NZICA Disciplinary Tribunal found that as audit engagement partner, Mr Flood had breached Rule 13.39(d) and NZICA’s Code of Ethics in respect of his audit of X Limited in 2015.

The NZICA Disciplinary Tribunal:

• censured Mr Flood
• ordered, for a period of two years, Mr Flood shall not undertake any audit (whether as an engagement or review partner) of an ‘FMC reporting entity’ which:
  • is a ‘listed issuer, ‘registered bank’ or ‘licensed insurer’ or
  • is a ‘NBDT’ with total assets exceeding $15 million, or
  • in any other case, has total assets exceeding $30 million.

Mr Flood attended the Disciplinary Tribunal Hearing and admitted the Complaint.

Penalty and costs

The Disciplinary Tribunal found the Complaint sustained and taking into account the sanctions imposed by the NZICA Disciplinary Tribunal, imposed the penalty of an admonishment.

Mr Flood was ordered to pay CPA Australia’s costs of AU$675.31.