Decision of the Accountancy Board of the 16th October 2020

Posted on: 16/10/2020

The Accountancy Board has made this resolution in relation to its decision of 25th September 2020 to temporarily suspend the warrants, practising certificates in auditing and/or registrations of Mr Brian Tonna, Mr Karl Cini, Nexia BT, BTI Management Limited and Nexia BT Advisory Services Limited (hereinafter “ warrant holders and firms”).

The Board has taken note of the following recent developments:

 - The submissions made by the warrant holders and firms to the Accountancy Board in relation to the temporary suspensions.

- The submissions made by the warrant holders and firms to the Disciplinary Committee.

- The partial release of the attachment orders in a recent related case to facilitate the payment of wages.

- The recent Court judgement of the First Hall (Constitutional Section) of the 14th October 2020, wherein the Court has provided relevant authoritative guidance.

- Notwithstanding these developments, the attachment orders have remained in force.

- The Board is not aware of any charges or arraignments to date notwithstanding ongoing investigations.

In this context, the Board has decided that the temporary suspensions issued on the 25th  September 2020 of the warrants, practising certificates and/or registrations of the above-mentioned warrant holders and firms shall not be applicable to current assignments which were already in progress as at 25th September 2020, provided that such assignments shall be subject to ongoing monitoring by the Board.

Furthermore, the Board may allow the acceptance by the warrant holders and firms of new assignments on terms and conditions that the Board may determine from time to time.

Accordingly, the warrant holders and firms are being requested to provide to the Accountancy Board details of their respective assignments that were already in progress as at 25th September 2020 so that the Board may initiate the monitoring process and establish the terms and conditions for the new assignments.

This decision is without prejudice to the ongoing disciplinary proceedings against the warrant holders and their firms.