Accountants accused of stifling oversight board
The soon-to-be-abolished Accountancy Foundation has accused accountants of stifling negotiations for funding of its independent oversight body, the Investigation and Disciplinary Board.
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Lord Borrie, chairman of the Accountancy Foundation, made this comment this week as he fended off criticism from ministers about the slow rollout of its intended subsidiaries.
Borrie said negotiations to do with the disciplinary board with the accounting institutes had proved difficult with one professional body opposing holding public hearings.
In addition, he said, accountancy bodies had been reluctant to secure ‘adequate funding’ and it had been a battle to find its £2.7m annual budget.