I feel that certain members of the profession are a little out of step, as the Office of Fair Trading published a report in March 2001 entitled Competition in the professions in which they commented on the new regulatory framework being set up, the Accountancy Foundation.
They commented further that currently membership comprised only the CCAB bodies, and went on – ‘there seems to us a danger that accountants, and accountancy firms, who are perfectly well qualified to provide certain services, will become less effective competitors because their professional bodies do not come under the new regulatory framework.
‘It seems to us that the interests of both the professional regulation and competition would be best served by bringing all accountancy bodies under the framework.’
The report specifically highlighted three non CCAB bodied – the Institute of Financial Accountants (IFA), the Association of International Accountants (AIA), and the Association of Accounting Technicians (AAT) – the AIA and AAT are of course already recognised by the DTI as reporting accountant status bodies.
I feel that those pushing for regulation should consider this or they may come into direct conflict with the OFT.
Andrew Tyrie airs views on the Finance Bill, 'Making Tax Policy Better' report, and Brexit
In our latest managing partner Q&A looking towards 2017, CVR Global's Richard Toone talks about recruitment, and the potential threat of competition from the legal sector, as key issues for the firm in the coming year
Deloitte to avoid tendering for government contracts over the next six months, to appease Theresa May following consultant's report that painted a less-than-flattering picture of Brexit plans
In our first Q&A looking towards 2017, Menzies senior partner Julie Adams flags up increasing digitisation, aligned with more hands-on consultative services, as the key mix for her practice