Certain members of the profession are out of step

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.

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