He will be responsible for conducting the monitoring process of key regulatory bodies and advising the board on the outcome of this work.
Colin Reeves will assume a vital role at the head of a body whose responsibility it is to monitor the operation of the new regulatory accounting system. The board of review will need to ensure that the new system operates entirely within the public interest, and if it sees fit, recommend changes to the system.
The Review Board’s responsibilities include monitoring the activities of the reshaped Auditing Practices Board, the new Ethics Standards Board and the new Investigation and Discipline Board, and it has the authority to shape the manner in which the six affiliated accountancy bodies discharge their respective regulatory duties.
Speaking on the appointment, Sir John Bourn, chairman of the review board, said: ‘We are absolutely delighted that Colin Reeves has agreed to join us as director of the review board’. Sir John said Reeves was ‘exceptionally well qualified’ for the position and ‘no stranger to tough assignments’ and added that the review board was looking forward to working with him.
Reeves responded by saying: ‘I am very pleased to be offered this unique opportunity of helping to ensure that the accountancy profession acts in the public interest in the years ahead.’ Reeves said he was excited about the new and important challenge.
The appointment of Reeves had been predicted in the press and his efforts with the NHS have been widely commended. In particular, his ability to deliver unqualified NHS annual accounts and his popularity within the organisation were two standout characteristics of his time in charge.
In addition, Reeves played a leading role in streamlining the operations of NHS finance departments, as well as introducing computerisation and the concept of share centres. He was a leading figure in changing the financial landscape of the NHS.
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