The bid for continued self-regulation will be judged against five criteria including transparency and accountability, told public services minister Peter Kilfoyle at the English ICA’s conference.
Opening the conference, he said all businesses seeking to regulate themselves would be judged on transparency, accountability, targeting, consistency and proportionality.
The announcement comes as the Department of Trade and Industry considers the Swinson committee’s draft recommendations on the profession.
According to Kilfoyle, transparency will mean: setting clear objectives and ensuring obligations are understood; accountability, consulting all those affected; targeting, ruling out broad-brush approaches; consistency, making sure new regulations are consistent with existing ones; and proportionality, striking the right balance between costs and benefits when assessing the impact that regulation will have.
‘We want to do away with badly drafted regulations which are difficult to understand,’ said Kilfoyle. He added that the five principles of good regulation would apply to the accountancy profession.
English ICA president Chris Swinson welcomed the five principles which, he said, would ‘help accountants to act as an interface between business and government’.