A new chartered qualification for directors has been attacked by the accountancy institutes, which warn it could undermine the status of the chartered accountant qualification.
Announced by the Privy Council last week, the new standard will take effect from this summer. The Institute of Directors, who lobbied for the qualification, said it was the first international professional standard for directors.
Directors require a minimum of three years’ experience on a company board in order to study for the new qualification, which is targeted at larger companies.
The course combines a written examination with 30 hours of professional development a year.
The accountancy institutes, however, immediately questioned the standard’s credibility. ACCA chief executive Anthea Rose commented that the accountancy institutes had raised their concerns with the Privy Council already.
‘The Consultative Committee of Accounting Bodies said it wasn’t very happy about the new qualification, and thought it best if the qualification established a track record over three to five years before gaining chartered status,’ she said.
Jake Claret, CIMA’s deputy secretary, added: ‘Chartered status enjoys a high level of educational underpinning. It would devalue the currency if a less vigorous approach were adopted for any new qualifications.’
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Just one half of UK practices have implemented a pricing structure around auto enrolment implementation and advice - with many suffering increased costs
Deloitte's north-west Europe foray; BDO, Smith & Williamson investment paths; Shelley Stock Hutter; and Wilkins Kennedy discussed by editor Kevin Reed on our Friday Afternoon Live broadcast
Accountants should alter their perspective on auto-enrolment to maximise business opportunities, according to Eric Clapton.