RegulationAccounting StandardsAADB calls for power to conduct its own investigations

AADB calls for power to conduct its own investigations

Executive counsel of the AADB says more powers to undertake preliminary investigations would help him decide what cases to take on

The profession’s disciplinary body wants the power to undertake its own
preliminary investigations, after claiming it would have been ‘helpful’ on some
occasions to have had more information when assessing whether to take cases on.

Cameron Scott, executive counsel for the
Accountancy &
Actuarial Discipline Board
(AADB), said more power would enable the AADB to
better assess if it should take on cases.

‘On one or two occasions it would have been helpful to have had more
information available,’ Scott told Accountancy Age.

Currently the AADB can accept or reject potential cases flagged up to it by
the accounting institutes.

However, the initial investigatory work is undertaken by the institutes
themselves, and the AADB wants the right to decide whether further work is
required and then do the work itself.

The accounting institutes, under the auspices of the CCAB, are working with
the AADB to agree on a revision of the way the body works after it lost the
Mayflower case last year, costing it £1m.

Scott said: ‘It’s designed to make sure we have enough info to say “yes we’ll
investigate it”, to make sure we don’t take cases on needlessly.’

However the institutes are understood to have been rebuffed in calls for more
information from the AADB about situations where further investigation would
have made a difference.

ICAEW executive director of professional services Vernon Soare told council
last week that the institutes ‘haven’t had complete agreement’ with the AADB,
but he flagged up concerns that AADB investigations would preclude the
institutes from taking part in a case under Companies Act rules.

An agreement between the institutes and the AADB, plus details of its new
structure, are expected by the end of the year.

Related Articles

Demystifying GDPR for accountants

Accounting Standards Demystifying GDPR for accountants

1w Ellen Temperton, Lewis Silkin
EY fined £1.8m over Tech Data audit

Accounting Standards EY fined £1.8m over Tech Data audit

2m Emma Smith, Managing Editor
The great professional services shake-up

Accounting Standards The great professional services shake-up

3m Fergus Payne, Lewis Silkin
What do clients actually want from an accountant?

Accounting Standards What do clients actually want from an accountant?

4m Emma Smith, Managing Editor
Accountants shouldn’t neglect hybrid mismatch anti-avoidance rules

Accounting Standards Accountants shouldn’t neglect hybrid mismatch anti-avoidance rules

4m Alison Conley
Membership of the accountancy profession on the rise

Accounting Standards Membership of the accountancy profession on the rise

5m Alia Shoaib, Reporter
The real price of mates' rates in the provision of professional services

Accounting Standards The real price of mates' rates in the provision of professional services

5m DAC Beachcroft
IASB overhauls insurance accounting with issuance of IFRS 17

Accounting Standards IASB overhauls insurance accounting with issuance of IFRS 17

7m Alia Shoaib, Reporter