In addition to the fine, Silverwood is also excluded from the accountancy profession after admitting misconduct in relation to the preparation of the financial statements for the financial years ended 31 January 2012 and 31 January 2013.

Silverwood admitted six allegations that his conduct fell significantly short of the standards reasonably to be expected of an ICAEW.

He breached the ICAEW’s fundamental principle of Integrity, which required him to be straightforward and honest in all professional and business relationships and not to be knowingly associated with information that he knew to be false or misleading.

Under the settlement, Silverwood is excluded for a recommended period of five years, reduced to four years for mitigating factors. He has also been given a fine of £50,000, reduced to £11,250 taking into account his financial resources, adjusted for mitigating factors and discounted for settlement.

Claudia Mortimore, FRC's interim executive counsel, said: ‘Misconduct by accountants undermines public confidence in the profession and in the reliability of financial statements.

‘The sanctions in this case, including a period of exclusion, send a message to the profession that members must uphold high standards of conduct and act with integrity in all areas of their work.’

The sanctions on Silverwood mark the conclusion of the regulator’s inquiry into Tech Data which began in 2014.

This has already seen external auditors EY reprimanded and fined £1.8m, reduced from £2.75m, along with a fine and reprimand for Julian Gray, EY senior statutory auditor.

ACCA member Philip James has been excluded for 10 years and given a £100,000 fine after admitting misconduct in his role as finance director of Tech Data.

Kevin Silverwood’s settlement agreement

EY and Julian Gray’s settlement agreement

Philip James’s settlement agreement

Report by Pat Sweet