The disciplinary formal complaint names Deloitte and audit engagement partner John Clennett in relation to the audits of the financial statements of Aero Inventory plc and its subsidiary Aero Inventory (UK) Ltd for the years ended 30 June 2006, 2007 and 2008.

It also cites the company’s former finance director Hugh Bevan in relation to the preparation and approval of the financial statements of Aero Inventory plc and its subsidiary Aero Inventory (UK) Limited for the same period.  

The complaint alleges that the conduct of all three fell significantly short of the standards reasonably to be expected of members and member firms, in that they failed to act in accordance with the fundamental principles of the ICAEW’s guide to professional ethics and code of ethics requiring them to perform their professional work with due skill, care and diligence and to act with professional competence and due care.

The AIM-listed aeroplane parts manufacturer went into administration in November 2009.

In March 2011 the Accountancy and Actuarial Discipline Board of the FRC launched an investigation under its accountancy scheme into the conduct of  Deloitte as auditors to Aero Inventory, in connection with events leading up to the company being placed into administration. The decision to initiate the investigation was taken following a reference from the ICAEW.

The FRC will now appoint an independent disciplinary tribunal to hear the complaint.