PracticeAccounting FirmsAccountancy bodies must improve member monitoring

Accountancy bodies must improve member monitoring

Accountancy's oversight board wants institutes to keep a closer eye on their members

The UK’s accounting oversight board wants the professional bodies to more
strictly monitor their members providing non-regulated accountancy services.

The
Professional
Oversight Board
, part of the
Financial
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
addressed.

“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
high standard.”

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
recommendations.

More to follow.

Further reading:

CIPFA
releases draft statement of principles for internal audit

Lehman
investigation blocked by US-EU regulator stand-off

UK
audits beyond reach of US regulators

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