PracticeAccounting FirmsICAEW to debate new review system

ICAEW to debate new review system

A new review system for smaller firms will be debated again by the ICAEW's council, but not until September at the earliest.

According to an institute spokesman, a working model of the system, currently known as ‘practice assurance’, will be put to a vote of the council, but will not become mandatory until it has won approval at a special general meeting in the summer of 2003.

But some members of the council have objected to the way in which the initial decision was taken to implement the scheme.

At last month’s council meeting Peter Mitchell, chairman of the Small Practitioners Association, complained the decision had been made when only 16 council members were present during the December 2001 meeting.

He told the council meeting: ‘I am very concerned it may trigger a widespread, hostile and damaging reaction from members, further weakening confidence and trust in this institute.’

However, the institute’s spokesman dismissed Mitchell’s fears, saying there appeared to be ‘little support’ for another vote to be taken on the issue.The spokesman added the institute was undertaking a consultation process, which would include meetings with business members of the institute as well as those currently in practice.

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