Although the ICAEW signed up to the Investigation and Discipline Board earlier this month, with the ACCA, CIPFA and CIMA expected to join shortly, ICAS has reaffirmed its stance to stand apart unless legislation is brought in compelling non-accountants to appear as witnesses at hearings.
ICAS believes this is essential if the new body is to hold public hearings, saving the institute external costs on conspiracy cases, which often amount to as much as £300,000.
Unconfirmed reports have claimed the Scottish institute might form its own separate disciplinary body for its 15,500 members as a result.
ICAS’s legal director Tom McMorrow said: ‘We have been knocked back and now seem to be in limbo over an issue, which, in any other industry, such as the medical and law professions, would already be in place.’
Andrew Harding, executive director of ACCA, said he was ‘very disappointed’ with ICAS. He said ACCA had operated open hearings since 1996 and experienced no problems.
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