RegulationAccounting StandardsCIMA quits due to “diminishing relevance” of UK profession’s forum

CIMA quits due to "diminishing relevance" of UK profession's forum

CIMA quits the CCAB, which represents the UK institutes, to focus on global finance leaders

CIMA’S AGENDA to reach financially qualified business leaders means that its membership of the UK institutes’ forum has “diminishing relevance”.

CIMA has quit the Consultative Committee of Accountancy Bodies (CCAB). The CCAB represents the UK’s institutes in issues affecting the profession as a whole, and was set up in 1974.

The institute’s professional standards director, Robin Vaughan, said that the reason for CIMA’s departure was the CCAB’s focus towards audit issues.

“CIMA’s agenda is to develop and support the role of financially qualified business leaders who work in organisations around the world. Therefore the CCAB, with its emphasis on audit, has diminishing relevance for the institute,” said Vaughan.

“CIMA sees the UK’s Financial Reporting Council (FRC) as the independent statutory regulator for the sector and plans to play an active role in both the FRC and International Federation of Accountants (IFAC) to pursue its strategic, global ambitions where relevant to our stakeholders.”

 

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