Tom McMorrow, director of legal at ICAS, told Accountancy Age: ‘We had hoped the government would provide us with the statutory powers to help us do the job properly. The IDB is intended to address misconduct and to achieve that we have to conduct a proper and full investigation, but at the moment we can’t do that. The powers are not there so we don’t see the point of signing up.’
However, he added that it had found the government ‘very sympathetic’, and that it was persuaded of the need for ‘increased investigative powers’.
McMorrow said he believed the government would eventually increase the scope of the IDB’s powers, but there were human rights claims to consider.
He said the institute would review its position depending on the scope of the new powers.
The board has moved under the Financial Reporting Council. It is not yet clear when it will take over from the Accountants Joint Disciplinary Scheme.
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