Resounding 'Yes' vote on practice assurance
Practice assurance will become a reality after the ICAEW won a convincing victory in a vote on the measure's adoption.
Link: ‘A yes vote on practice assurance is key’
In the end over three-quarters (77.4%) voted for the controversial compulsory review and inspection regime – well beyond the necessary two-thirds majority.
Members of Europe’s largest professional accountancy body also embraced continuing professional development by the slightly lesser margin of 76.9%.
Some of the gloss was taken off the result by a turnout of just 17% of members, though that represented an increase of around one-fifth on the year before.
The institute will now amend its bye-laws to permit the introduction of its ‘quality assurance package’, by autumn.
Announcing the results of the vote at the ICAEW’s annual and special meetings, David Illingworth, president of the institute, said he was delighted.
‘We now have a strong mandate for a quality assurance system which will enhance the value of the chartered accountant brand,’ he said.
‘It will help members distinguish themselves from unqualified accountants and will demonstrate to the public, government and others that ICAEW members are committed to upholding the highest professional and ethical standards.’
But Stuart Vine, one member who opposed practice assurance, said: ‘If we had not campaigned against this we would have ended up with a monster. They have listened and modified a lot of the original proposals. I’m also dismayed that the institute are unable to get any enthusiasm from the members to vote either for or against.’