Counting the costs
The ICAEW's annual report revealed a staggering number this week. No, not the £8m deficit - but the rising cost of professional regulation.
The institute’s contribution to the running costs of the Joint Disciplinary Scheme topped £2m last year – a huge sum given that ICAS also picks up part of the bill. Other disciplinary expenditure by Moorgate Place, meanwhile, amounted to £3.7m.
Spending £5.7m on disciplinary measures is significant on several levels.
Not just in terms of the headline figure – it represents almost £50 per member – but also in terms of the message it sends out at a time when accountancy firms are being accused of negligence in several high profile cases.