The Financial Reporting Council’s latest ruling saw former Group Finance Director Richard Adam, and his successor in that role Zafar Khan fined £222,019 and £60,228 respectively alongside exclusion from the Institute of Chartered Accountants in England and Wales for 15 and 10 years.

The fines follow heavy penalties for the pair imposed by the Financial Conduct Authority.

The FRC also imposed fines and bans on three other former Carillion senior accountants who “acted recklessly and failed to act with integrity in connection with the preparation of accounting information for Carillion’s financial statements, prior to the company’s collapse in 2018.”

The FRC’s Conduct Committee has decided not to name any of the trio.

Penrose Foss, Executive Counsel, Executive Director of Investigations and Enforcement, said: “It is critical that any individual who is responsible for preparing accurate financial information, whatever their level of seniority, undertakes their duties with integrity. This is a fundamental requirement for every organisation.

“For a large publicly listed company, the consequences of failing to meet this requirement can be wide-ranging, affecting investors suppliers, employees, and the many communities served by an organisation across the UK and beyond.

“In this case, there was a sustained failure by Mr Adam in his role as Group Finance Director, and by his successor Mr Khan over a shorter period, to act with integrity and ensure the accuracy of financial information relating to several business areas significant in Carillion’s financial reporting.  The FRC has also secured admissions from three further individuals.

“The substantial sanctions imposed on these five individuals reflect the gravity of their failure to discharge their respective obligations to act with integrity in preparing financial information in the context of a large, listed company.”