DISCIPLINARY ARRANGEMENTS applying to accountants and member firms being investigated over cases of potential misconduct have been updated by the accountancy watchdog.
The amendments build on a package of reforms introduced by the FRC last year, and are intended to make the disciplinary process more independent, efficient and effective by handing the regulator greater powers.
Among the changes introduced by the new scheme, the FRC has the ability to conduct enquiries before initiating an investigation; a new power to issue interim orders and new arrangements for monitoring individual cases.
The definition of misconduct has also been changed, while the FRC will no longer be required to consult with the professional institutes before beginning an investigation.
There were also amendments to reduce the potential for delay, such as a provision to facilitate the early resolution of disciplinary cases without the need for a tribunal hearing.
Paul George, executive director of conduct at the FRC, said: “Amending the disciplinary schemes to make them more independent, efficient and effective was a key part of the package of FRC reforms introduced in 2012. Revisions to The Accountancy Scheme therefore mark a significant step in the implementation of those plans.”
Board members of accounting standard setter the IASB have come under fire for the size of their remuneration packages amid scrutiny of how the organisation is governed
This year’s Finance Act is 649 pages, the second longest recorded, and highlights the increasing complexity for taxpayers of an ever expanding tax code
The International Integrated Reporting Council (IIRC) and the CIPFA have launched an introductory guide for leaders on integrated thinking and reporting
Accountancy Age is delighted to reveal the shortlists for the 2016 British Accountancy Awards