The UK’s accounting oversight board wants the professional bodies to more
strictly monitor their members providing non-regulated accountancy services.
Oversight Board, part of the
Reporting Council, said more detailed compliance was required
around the code of ethics, a better examination of complaints received and more
follow-up work to ensure concerns raised during monitoring visits are adequately
“Given the importance that users place on the competence of the UK
professional accountancy bodies it is imperative that the professional bodies
respond to the issues we have raised and publish information on how they have
done so,” said Dame Barbara Mills, chair of the Oversight Board. “In particular
it is vital that publicly available information on the monitoring arrangements
accurately reflects the work undertaken by the professional body and is of a
Audit and insolvency specialists are licensed, where tax, accounts
preparation and bookkeeping are non-regulated services.
The accountancy bodies have until 1 September to respond to the
More to follow.
HMRC breaches client confidentiality; and partner profits fall at EY. These stories and more discussed in Friday Afternoon Live
Two new audit partners have been appointed at the firm BDO in its audit practice following continued growth and investment
"The whole idea of HMRC officials supplying confidential information about individuals to the media on a non-attributable basis is, or should be, a matter of serious concern," say Supreme Court judges
Changes to the tax system is urged to support the growth of entrepreneurs, found a report from the Grant Thornton UK, the Institute of Directors, and the Prelude Group