The audit watchdog will be given expanded powers to conduct internal
preliminary investigations, before taking on official cases.
The Accountancy and Actuarial Discipline Board (AADB) will now be granted the
power to conduct preliminary enquiries, subject to an agreed protocol, before
making a decision to investigate.
Traditionally, the accounting professional bodies undertook their own
preliminary work and would pass substantial cases to the AADB.
The measure was one of a raft of changes to be made to the accounting scheme,
according to a statement, released today.
Included among the changes are restrictions to costs awarded against the
AADB, changes to the evidential test to be applied before a matter proceeds to a
disciplinary tribunal and new procedures to appoint tribunal and appeal tribunal
members by an independent Convener.
Timothy Walker, chairman of the AADB, said the changes demonstrated the
board’s commitment to the principles of independence, fairness and transparency.
“They are the result of extensive consultation with the participants and
others,” he said.
“We welcome the support of the participants for these changes which we
believe will further strengthen the disciplinary process in public interest
cases. We anticipate the changes will come into effect in January 2010 at the
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