The Institute has a duty to protect the Chartered Accountants brand on behalf of all members. During 2008, a robust and transparent approach was taken to enforce members' adherence to Institute by-laws, the Code of Ethics set by the Accounting Professional and Ethical Standards Board, and accounting standards and regulations.
Quality review
The Institute completed hundreds of quality reviews across the country, in large, medium and small practices. Reviewers assessed whether members in practice have the quality control policies and procedures in place to ensure that their work complies with professional standards and legal requirements.
Improvement is required
The results of up until 30 June 2008 indicated that improvement is required in some practices. Results from the remaining reviews in 2008 are still being collated. The Institute will be analysing these latter results in more detail and reporting back in early 2009. In the meantime, members are advised to take particular note of the more common non-compliance issues identified in reviews up to 30 June 2008, including: - Audit documentation
- Independence documentation
- Quality control systems are mandatory
Read more about the more common non-compliance issues here
The Institute follows-up on all non-compliance
In cases where non-compliance is identified, the Institute ensures practices address the issues. Where more serious non-compliance issues are identified, follow up reviews are conducted, while in extreme cases, the Institute’s Professional Conduct function can step in to investigate and impose sanctions, if required.
Professional conduct
During 2008, the Professional Conduct team investigated formal complaints or other issues concerning the conduct of members that came to the Institute’s attention (for example, as the result of action by regulators or the courts). As a result of these investigations, a small number of members were called to appear before the Professional Conduct Tribunal.
Improvements to member communication channels, including the Member Complaints and Discipline section of the Institute website, e-newsletters and Charter magazine, ensure members are kept abreast of Institute changes or changes in regulation and of their obligations in consequence.
Continual improvement
Over the last three years, the Institute has consistently improved its complaint handling and quality review procedures and has conducted international benchmarking with other major accountancy bodies to ensure it continues to meet or exceed global best practice.
A holistic approach to compliance
The Institute approaches compliance in a number of ways:- Developing a range of guidance and tools for members, to help them meet standards and regulations
- Working alongside regulators, sharing trends and overall findings, avoiding duplication and acting on their recommendations.
Transparency
Annual reports were published for the Institute’s quality review and professional conduct activities. These were shared with regulators, government and members, to report on the key findings and trends identified. The reports can be read by clicking on the below links.
Relevant links:
Last updated: Thursday, 4 December
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