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regulation accountancy profession - Coggle Diagram
regulation accountancy profession
CCAB (UK)
5 directors from 5 members
forum to be discussed and coordinated
AAT
ICAEW
ICAS
CIPFA
CIMA (non-member)
ACCA
CAI
ÌFAC
worldwide practice guidance
FRC
UK's independent regulator
for corporate reporting & governance
Standardlize corporate governance
Monitor & review audit and financial report
Regulate for audit profession
Overseeing self-regulation
Disciplinary body
2 commitees
The Conduct Committee
The Codes and Standards Committee
Disciplinary Tribunal
The chair is a lawyer
number of accountants equals to lay person
Majority of the tribunal is always formed of non-accountants
Normally open to the public
Disciplinary procedure
Conciliation
Investigation
Investigation Committee (IC)
AT LEAST 14 people
one half are nor chartered accountants
Disciplinary proceedings
Disciplinary Committee (DC)
IC decides NO CASE TO ANSWER
it could be review
MEMBER or FIRM AGREES THE COMPLAINT
issue a reprimand
Fine
Unpublicised caution
No publicity
No fine
pay costs
Sentencing order by IC
reprimand, fine and cost
Publicity same as of DC
No excluded from membership
Appeal Commitee (AC)
5 people
3 chartered acountants
1 non- accountant
1 chair (legal qualification)
ICAEW PAY COSTS if appeal is successful
DC hearing
Tribunal of 3 people
1 of ICAEW
2 not accountant
usually public
Member can be represented