Leader - All-in-one sentences for fraud?
The debate about professional discipline took a sharp and unexpected turn last week, when the Lord Chancellor, Lord Irvine, suggested that accountants involved in fraud cases should have their disciplinary punishment handed down by the trial judge at the same time as they were sentenced for their crimes.
Under his proposal, judges would sit with two expert assessors, one of whom would be provided by the defendant’s professional body. In guilty cases, the judge would pass sentence, impose a disciplinary sanction, make a civil law award to those wronged and, if appropriate, disqualify the miscreant from acting as a director. One hearing would replace as many as eight and the process would take months, not years.
The case for making justice swifter is strong. It is also clear that the existing law is very poor at convicting fraudsters and those who help them. But adding the professional disciplinary process to the criminal trial has one serious drawback.
At present, accountancy bodies can discipline a member even if they are acquitted of a crime because their rules are about standards of professional conduct. To allow an accountant, whose behaviour was highly questionable, to escape disciplinary action just because the member had been cleared on a legal technicality, would do untold harm to the profession’s standing.
The law must move faster and be more effective. But professional discipline must always look wider than narrow questions of law.
The numbers you crunch tell a story. Your expertis...
26yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleGlobal spend on accountancy outsourcing up by 40% in the space of five years. News comes as accountancy outsourcing specialist AdvanceTrack reports en...
View articleFollowing a profitability review, Deloitte has decided to scale back its UK deals business due to lower returns. This strategic shift could lead to jo...
View articleUK-based Dow Schofield Watts (DSW), a mid-market professional services network, announced the creation of a new division called DSW Principal Partners...
View articleEY has been undergoing significant cost-cutting measures and streamlining its operations since the abandonment of Project Everest. The firm has made t...
View articleTransitioning from an accounting firm to a consultancy model is only one part of the puzzle. The next, equally vital piece is making the market aware ...
View articleThis framework, while providing a top-line view, underscores the importance of strategic vision, operational excellence, and the spirit of continuous ...
View articleLooking ahead, the Big 4 firms face a challenging year, with ongoing cost-of-living concerns, slow economic growth, rising geopolitical tensions, and ...
View articleLast month it was reported that Deloitte would be cutting approximately 1,200 jobs in the United States, making it the latest of the Big Four accounti...
View article