Blueprint for institutes' review board revealed
The Swinson-Gemmell working party’s masterplan for a review board to oversee individual institutes’ regulation and discipline was officially unveiled this week for public consultation.
As it is expected to meet with approval from five of the six institutes involved, as well as from the Government and the business community, the new regime should be in place from 1 January 1998.
The proposals, which have been described as the single most important development in the profession for more than 30 years, are based around an outside body, known as the Review Board, monitoring all six institutes’ regulation.
Composed of Great and Good individuals, its comments on the professional bodies’ performance is intended to carry such weight that public confidence can be assured.
Members of the board will be appointed by The Foundation, an independent trust whose members will be selected by the Bank of England, the Central Bank of Ireland and the Stock Exchange. Although the Review Board may contain an accountant, the Foundation will not.
The Review Board will be funded by the six institutes, at an estimated annual cost of u500,000. But the working party has stated that, for reasons of demonstrable independence, it would be preferable if financing were shared with the Department of Trade & Industry and the Stock Exchange.
This is thought unlikely to occur.
As much detail has been contained in earlier working party papers, there are few surprises in the working party’s latest draft.
The APB is likely to be set free from Consultative Committee of Accountancy Bodies’ control, and positioned under the Review Board, which will oversee its independence.
With the future of the Joint Disciplinary Scheme still unresolved, the consultation paper can only comment that the outcome of this debate will be examined by the Review Board when it comes into existence.
Similarly, the single pan-professional ethical code, which is proposed by the working party, is to be looked into by the Review Board when it has been agreed between the institutes.
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