ICAEW talks planned new home for 'failed' chartereds
Institute looked to boost membership in alliance with IFA
Institute looked to boost membership in alliance with IFA
The ICAEW has spent at least six months planning an affiliation with smaller
body IFA, which would involve staff moving into the institute’s London HQ.
Documents obtained by Accountancy Age show that the ICAEW has been talking to
the non-chartered body, the Institute of Financial Accountants, since July last
year.
The talks, understood to be ongoing, centred on turning the IFA into a
‘feeder’ organisation to bolster the larger institute’s audit ranks, increase UK
student numbers and build its international presence.
The first document, dated 28 July 2005, said that a meeting took place
between ICAEW chief executive Eric Anstee and COO Michael Izza, with IFA chief
executive Malcolm Dean and chairman Malcolm O’Brien. They met again on the 28
September.
The ICAEW’s stated objectives included establishing the IFA as a feeder body
for ICAEW audit members. The IFA and sister organisation IAB would join a
‘confederation’ headed by the now doomed ICAEW/CIPFA merger, and establish the
IFA as a ‘fall-back’ professional body for ‘failed’ chartered accountants,
‘especially failed CIMA and ACCA finalists’.
‘The IFA and IAB have agreed to affiliate to the ICA - the new desired name
of ICAEW post merger with CIPFA - thus becoming a subsidiary of ICA,’ one
document stated.
Five ICAEW members could be put onto the IFA/IAB councils, the documents
showed. The ICAEW was also prepared to sponsor the IFA’s application to join
IFAC.
An ICAEW spokeswoman said it was not ‘institute policy to comment on discussions
that take place at private meetings’.
The numbers you crunch tell a story. Your expertis...
18yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleThe ICAEW cited managing insurance costs, firms struggling to obtain coverage, assessing risk-taking capacity, and evolved firm structures as drivers ...
View articleThe IESBA emphasizes the importance of timely and global adoption of their standards. For corporate accountants, this means staying updated with chang...
View articleKPMG's faces record fine for a widespread exam cheating scandal, implicating senior staff and highlighting systemic ethical issues in the professional...
View articlePwC's Australia tax scandal has led to significant changes, including over 300 job cuts and the refusal to share a crucial report with Australian parl...
View articleAccountants and accounting firms play a crucial role in maintaining financial integrity, facing ethical dilemmas and regulatory challenges. Adherence ...
View articleThe creation of an effective sustainability standards infrastructure requires not only high-quality sustainability reporting and assurance standards, ...
View articleChanges will help to make accounting profession more attractive, ICAEW boss says Read More...
View article38% of firms required significant improvements, prompting the council to state Tier 2 and Tier 3 firms must "prioritise audit quality improvements and...
View article