Call for single body to vet standards

Click to follow
The Independent Online
ACCOUNTANTS should be regulated by a single supervisory and controlling body rather than their individual professional organisations, according to the Chartered Association of Certified Accountants.

The proposed General Accounting Council is designed to be genuinely independent of the various professional bodies and to protect the public interest by guaranteeing that accountants meet accepted standards. The professional organisations would remain free to represent their members' interests.

The plan is expected to be opposed by the Institute of Chartered Accountants in England and Wales, the most powerful of the professional groups.

In its proposals published today the association says it is forwarding views expressed by its members on plans for restructuring the profession that are now being debated by the six professional groups represented by the Consultative Committee of Accountancy Bodies.

It says that while 86 per cent of its members support the principle of restructuring, fewer than a fifth favour the concept of three geographical institutes as set out earlier by a working party chaired by David Bishop, the association's former president.

The association claims broad support from other professional bodies, but the institute is understood to believe there are 'logical flaws' in the proposal because it does not deal with the issue of duplication of bureaucracy and dilution of the profession's voice.