The UK-listed engineering firm, whose share price has recently taken a beating, confirmed Mr Balan’s resignation following inquiries from the Financial Times.

Mr Balan had been described as a Chartered Accountant in the company’s annual report and on its website. However, he is not registered with the UK or Australian chartered accountancy bodies. His LinkedIn profile states he is a certified practising accountant with CPA Australia.

A statement from Wood Group announced that Mr Balan “has tendered his resignation and the board have accepted this with immediate effect”.

The statement added: “This followed the incorrect description of his professional qualifications in various statements in the public domain.”

Mr Balan said: “Regrettably, I made an honest oversight with respect to the description of my professional qualification as a Chartered Accountant instead of a certified practicing accountant.

“I continue to believe in the long-term potential of the company and its people. My decision is based on minimising distraction at this very pivotal time with our investors and lenders.”

Wood CEO Ken Gilmartin said: “On behalf of the board and the company, I would like to wish Arvind all the best in his future endeavours.”

The statement noted that further details on Mr Balan’s successor, and interim cover, will be made in due course.

Bruce Cartwright CA, CEO of ICAS, said: “ICAS’ CA qualification represents rigorous training and technical expertise, underpinned by a commitment to ethical leadership.

“Accurate representation of who has earned the qualification is therefore essential to ensure the profession maintains public trust and integrity.”

The ‘Chartered Accountant’ title is a jointly owned trademark by the Institute of Chartered Accountants of Scotland (ICAS), The Institute of Chartered Accountants in England and Wales (ICAEW) and Chartered Accountants Ireland (CAI), and can only be used by qualified members of those organisations.

Mr Cartwright added: “The designatory letters ‘CA’ are exclusive to ICAS and can only be used by our members. We take action when notified of any misuse of this term or letters to ensure they are removed.”