ICAEW casts doubt over joint legal and accountancy firms
Institute says lawyers' and accountants' codes of conducts are unworkable
The ICAEW is sceptical of the viability of joint legal and accounting firms
due to differences in the codes of conduct of the two professions, the Law
Gazette reports.
The institute wants to govern the regulation of chartered accountants who
join alternative business structures. It is concerned that a ‘legal regulator’
could not have adequate oversight over such firms.
A senior ICAEW member said: ‘It’s not good for professions to be joined on
the same principles. Lawyers and accountants both have to act in accordance with
strict ethical principles, but these are different.
‘Lawyers must serve the interests of their clients and accountants must be
objective. Accountants always have a responsibility to take into account the
public interest in all of their work.’