RegulationAccounting StandardsNext ICAEW president embroiled in training controversy

Next ICAEW president embroiled in training controversy

Institute set to award lucrative contracts to deputy president-owned company

Controversy surrounds the next ICAEW president after it emerged that a
training company he majority owns was named as the ‘recommended supplier’ of ACA
training in Russia and China.

Deputy president Graham Durgan, who is due to take over from current
president Ian Morris next month, reportedly holds a 60% stake in training
company Emile Woolf International. The company has now been recommended to the
institute council to provide training in two of the world’s fastest growing
economies, potentially worth £200,000 a year.

The Independent quotes sources as calling the matter ‘shabby’ and
presented accountants in a bad light. Durgan is facing calls to relinquish his
commercial interests or step aside at the institute, according to the paper.

The ICAEW has stated that throughout the tender process Durgan had ‘declared
a financial interest in EWI’ and was ‘not involved in anyway in the evaluation
process’.
It added that no agreements have yet been signed and a council of past
presidents is looking into the matter and will report back ‘in the next few
days’.

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