Living in interesting times

Article Abstract:

The position of Peter Davis as the chairman of the Board for Chartered Accountants in Business requires him to serve Institute of Chartered Accountants in England and Wales members who are involved in industry, commerceand finance. These constituents, comprising half of the membership, complain that the institute does not put importance to their interests with as much enthusiasm as it does for those of practicing firms. According to Davis, the council, established in 1990, has so far been partly successful in improving the services of the institute to its business members as evidenced by the more favorable attitudes of the said members. Davis encourages these constituents tostop blaming auditors in practicing firms for the deteriorating public opinion on accountants and take part of the blame themselves. Despite prevailing doubtson the abilities of accountants, Davis believes that the profession still has much to offer to businesses.

Beliefs, opinions and attitudes, Davis, Peter

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Keeping the membership happy

Article Abstract:

The Institute of Chartered Accountants in England and Wales has come out with its first mission statement indicating its commitment to serve the interests of both its members and the public. The Institute believes that there will come a time when the interests of the public and its members will converge but in instances of conflict, the Institute will prioritize public interest. This statement was publicly opposed by two of its members, Teresa Graham and Peter Seaton. They felt that the Institute should have consulted itsmembers before making such decisions. There are other members who are doubtful of the dual role assumed by the Institute and are also taking steps to convincethe Institute to reevaluate its stand. It seems that these efforts are paying off as the Institute heads recently met to discuss the possibility of establishing an audit committee to allow its members representation in the Institute.

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Should the Institute be restructured?

Article Abstract:

The Royal Charter granted to the Institute of Chartered Accountants in England and Wales in 1880 states explicitly that the Institute's primary objective should be the protection of the public interest. While the Charter also states that the Institute has the right to protect its members' interests, it clearly specifies that the public interest overrides any potential conflict with members' interests. The Institute's decision to introduce rigorous new audit standards for its members is likely to increase the possible conflict between the public interest and that of Institute members. One suggestion made to help minimize potential conflict revolves around the idea of restructuring the Institute so that its regulatory function is separated from members' services.

Laws, regulations and rules, Accountants, Public interest

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