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02 Mar 2011
CIMA'S AGENDA to reach financially qualified business leaders means that its membership of the UK institutes' forum has "diminishing relevance".
CIMA has quit the Consultative Committee of Accountancy Bodies (CCAB). The CCAB represents the UK's institutes in issues affecting the profession as a whole, and was set up in 1974.
Further reading
The institute's professional standards director, Robin Vaughan, said that the reason for CIMA's departure was the CCAB's focus towards audit issues.
"CIMA's agenda is to develop and support the role of financially qualified business leaders who work in organisations around the world. Therefore the CCAB, with its emphasis on audit, has diminishing relevance for the institute," said Vaughan.
"CIMA sees the UK's Financial Reporting Council (FRC) as the independent statutory regulator for the sector and plans to play an active role in both the FRC and International Federation of Accountants (IFAC) to pursue its strategic, global ambitions where relevant to our stakeholders."
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Visitor comments Add your comment
CCAB?
CIMA is quitting the UK's professional forum - the Consultative Committee of Accountancy Bodies - because of the CCAB's focus on audit?
Focus on audit? It can surely be argued that the CCAB has side-stepped crucial audit issues. The future of audit and audit independence, for example, are matters that require the profession to speak with one voice not only at national level.
What is preventing the CCAB from being effective?
Posted by: slightly optimistic, 02 Mar 2011 | 15:43