The Institute adopts a 'minimalist' approach
Article Abstract:
Part II of the UK Companies Act of 1989 requires the regulation of auditors, and the Institute of Chartered Accountants in England and Wales has been working to develop a regulation plan fulfilling the requirements of the Act in the interest of being named a supervisory body by the Department of Trade and Industry (DTI). Part II of the Act is concerned with the regulatory body for auditors and the professional qualification of auditors. To become the recognized supervisory body, the Institute will have to satisfy DTI rules and practice, and both the DTI and the Office of Fair Trading are expected to emphasize management and control. The Institute hopes to meet the DTI requirements with reference to extant auditing standards, revised ethical guidance, and professional insurance requirements.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 1990
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For clarity's sake
Article Abstract:
The December Council of the Institute of Chartered Accountants in England and Wales has issued a new statement that redefines the public practice of accounting. The new definition emphasizes the personal and direct delivery of services by accountants, and the need for a certificate of practice and professional indemnity insurance as initial requirements of a public practice. Any uncertainty encountered by members concerning their status in public practice is meant to be clarified by the statement. Annual fees which used to possess threshold protection even in the absence of a practicing certificate will be eliminated by the new definition. Excluded from the definition of public practice are employees hired by practicing members, corporate directors and financial consultants.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 1992
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