RegulationAccounting StandardsICAEW talks planned new home for ‘failed’ chartereds

ICAEW talks planned new home for 'failed' chartereds

Institute looked to boost membership in alliance with IFA

The ICAEW has spent at least six months planning an affiliation with smaller
body IFA, which would involve staff moving into the institute’s London HQ.

Documents obtained by Accountancy Age show that the ICAEW has been talking to
the non-chartered body, the Institute of Financial Accountants, since July last
year.

The talks, understood to be ongoing, centred on turning the IFA into a
‘feeder’ organisation to bolster the larger institute’s audit ranks, increase UK
student numbers and build its international presence.

The first document, dated 28 July 2005, said that a meeting took place
between ICAEW chief executive Eric Anstee and COO Michael Izza, with IFA chief
executive Malcolm Dean and chairman Malcolm O’Brien. They met again on the 28
September.

The ICAEW’s stated objectives included establishing the IFA as a feeder body
for ICAEW audit members. The IFA and sister organisation IAB would join a
‘confederation’ headed by the now doomed ICAEW/CIPFA merger, and establish the
IFA as a ‘fall-back’ professional body for ‘failed’ chartered accountants,
‘especially failed CIMA and ACCA finalists’.

‘The IFA and IAB have agreed to affiliate to the ICA ­- the new desired name
of ICAEW post merger with CIPFA ­- thus becoming a subsidiary of ICA,’ one
document stated.

Five ICAEW members could be put onto the IFA/IAB councils, the documents
showed. The ICAEW was also prepared to sponsor the IFA’s application to join
IFAC.
An ICAEW spokeswoman said it was not ‘institute policy to comment on discussions
that take place at private meetings’.

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