PracticeAccounting FirmsScottish accountants to join national watchdog

Scottish accountants to join national watchdog

Months of protracted discussions look set to end after ICAS recommended its members to join the profession's watchdog, the Accountancy Investigation and Discipline Board.

Link: ICAS on collision course with AIDB

Following ‘extensive discussions’ with the Financial Reporting Council, ICAS claimed that a solution has been found which ‘satisfactorily’ addresses two major sticking points.

ICAS has always stated that the AIDB should have the powers to draw evidence from non-members in the disciplinary process, and has always wanted greater cost-recovery powers.

‘We asked the AIDB to consider implementing the ICAS “polluter-must-pay” cost recovery model,’ said ICAS president, Ian Robertson. ‘In addition, ICAS will continue its work to gain statutory coercive powers for the compulsion of witness attendance and evidence giving at disciplinary hearings.’

The institute has written to trade secretary, Patricia Hewitt, to pressurise the government into offering the additional powers. ‘ICAS’ track record of successfully lobbying Government is well documented and we will continue this work,’ said Robertson.

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