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
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.
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