PracticePeople In PracticeReeves welcomes regulatory challenge

Reeves welcomes regulatory challenge

Colin Reeves has bid farewell to 27 years of public service duty, including seven years as finance chief of the NHS, to head up the review board of the Accountancy Foundation.

Speaking on his appointment, Reeves told AccountancyAge.com: ‘The opportunity to head the review board presented an exciting challenge, which I did not want to miss out on.’

He added it was a ‘tremendous wrench’ to leave the NHS where he had ‘thoroughly enjoyed his job’.

Reeves will assume a vital role at the head of a body responsible for monitoring the operation of the new independent regulatory accounting regime. The board of review will need to ensure that the system operates entirely within the public interest, and if it sees fit, recommend changes to the system.

The task of monitoring the activities of the reshaped Auditing Practices Board, the new Ethics Standards Board and the new Investigation and Discipline Board, as well as the six accounting bodies, will present Reeves and his review board with a vital role to play.

‘It will be like starting from scratch with regard to what are essentially new regulatory bodies,’ Reeves said.

‘The review board will need to understand the viewpoints of these bodies and facilitate a working relationship between the six accounting bodies and the regulatory bodies.’

Reeves stressed that one should not forget the primary task of the review board, which was to ensure a ‘more effective accounting system’ and one ‘working in the best interests of the public’.

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.

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.

Links

Colin Reeves appointed to Foundation

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