ICAEW members to debte audit policies

The news followed demands by council members that the institute’s policies on auditing be discussed in an open forum.

A spokesman confirmed that the discussion would take place during the open session of the institute’s council meeting on 12 June as part of its battle against the crisis facing the profession.

Following a research programme, paid for in part with £40,000 donated by the large accountancy firms, the institute has said it will allow an open debate, but only after the research had been approved by the professional body’s ethics and audit committees.

The spokesman said: ‘The report will identify the areas where the institute’s technical staff think policy might need to be updated or amended and where further research will need to be commissioned.’

Council members had expressed fears that a debate would not be held until long after other investigations, such as that being carried out by the Treasury select committee, had reported their findings.

Outspoken critic of the ICAEW, Douglas Llambias, earlier complained the institute’s approach was ‘too restrictive and long-winded’.

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