ICAEW split on practice assurance

Link: ICAEW demands cut in corporation tax

At a meeting of the institute’s council on Wednesday, several members raised concerns over the proposed introduction of practice assurance measures.

Objections were voiced on the behalf of larger firms that the cost-benefit analysis of the scheme was not convincing. The measures were also criticised for being too ‘politically correct’.

Maurice Ede, chairman of the ICAEW’s Professional Standards Board, said there had been a communication failure between the institute and larger firms because the initial focus had been to reassure smaller ones. ‘We will have to correct that,’ he said.

The council has decided to put the issue to the vote of the membership at the June AGM, one year later than originally scheduled. A two thirds majority will be required for practice assurance to be adopted.

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