ICAS to join AIDB
ICAS members have voted in favour of joining the new accountancy watchdog, marking a u-turn for the Scottish institute after it threatened to 'take its own path' on disciplinary matters.
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At the institute’s special general meeting held in Dundee on Friday, ICAS members supported the institute’s recommendation to join the Accountancy Investigation and Discipline Board. The AIDB will replace the long-standing Joint Disciplinary Scheme headed by Chris Dickson, once the JDS has concluded its existing investigations.
ICAS initially resisted joining the AIDB because it wants the watchdog to have the authority to draw evidence from non-members in the disciplinary process, and to have greater cost-recovery powers.
ICAS’ u-turn came following a compromise from the AIDB and the Financial Reporting Council, which oversees the AIDB, to consider the merits of the cost recovery model.
Ian Robertson, ICAS president, said: ‘I am pleased that members have supported our perseverance on this issue. We at ICAS are pleased to be in a position to work with the AIDB and FRC over the coming months not only to ensure that the mechanisms we belive so necessary are embodied within the UK disciplinary system, but also that the benefits of what ICAS has developed are available to all UK accounting bodies.’