Thursday, January 26, 2012

Izza Rules Out CIPFA Merger

ICAEW CEO, Michael Izza, has ruled out a merger with CIPFA.

He is quoted by Accountancy Age:

"There are no formal merger plans in the short, medium or long term."
He also expressed hope that one day CIMA would return to the Consultative Committee of Accountancy Bodies (CCAB).

Given that CIMA left CCAB because they feel that the fees charged to belong to CCAB were disproportionately high, it is unlikely that they will return to CCAB anytime soon.

CCAB will need to demonstrate that it is doing something useful.

Wednesday, January 25, 2012

ICAEW Granted Accreditation

In July 2011 I wrote:

"The ICAEW plans to "break ranks" with fellow accredited bodies and offer statements of professional standing (SPS) to advisers who make a one-off payment rather than requiring them to join as members.

The ICAEW has applied to be an accredited body, and expects to be approved by the Financial Services Authority in December 2011

The ICAEW has now been granted that accreditation:

"The Financial Services Authority (FSA) has granted ICAEW accredited body status under the FSA Retail Distribution Review (RDR). The RDR requires all retail financial advisors to obtain a statement of professional standing (SPS) from an accredited body by 1 January 2013 to continue to advise clients.
ICAEW will now be able to issue SPS to retail financial advisors who have met the FSA’s new qualification standards and also monitor their continuous professional development. This recognises ICAEW’s experience as a professional body and regulator of the accountancy profession.

Vernon Soare, ICAEW Executive Director, Professional Standards commented, “We are very pleased to be the first accountancy body to be granted accredited body status by the FSA. The Retail Distribution Review represents a significant change for retail financial markets and financial advisors and ICAEW will now play a part in delivering an enhanced regime for consumers.”

“We are committed to supporting our members and member firms in this period of change and providing them with new opportunities” Vernon continued. “This is part of a long term strategy to increase the services that ICAEW offers to members and also to build on our consumer focus.”

ICAEW expects to open its scheme for applications in April this year when applicants will need to provide evidence that they have fully met the RDR exam qualification standards, including any gap-fill requirements. Further details of the application process will be provided in due course. In the meantime, ICAEW members and employees of member firms should continue working towards achieving RDR approved or transitional qualifications, and meeting any gap-fill needs."

Monday, January 23, 2012

Shortlisted For Accountancy Personality of The Year

My thanks to PQ Magazine for placing me on the shortlist for their 2012 awards, in the category of “Accountancy Personality of Year“.

Thursday, January 12, 2012

CCAB Site Back Up

The CCAB site is now back up and running, after being taken down for a revamp.

Oddly though, there seems to be no publicity out telling people it has been revamped (aside from me doing this for free here).

Wake Up ICAEW!

Hat tip to Christie Malry for spotting this:

"I know it's common at this point of the year to write "2011" when you mean "2012". 

But every single press release from ICAEW this year is dated 01 Jan 2011. Uh, is there any chance they could be dated when they were released, as is, er, the normal convention?"

Wake up ICAEW!!! 

Tuesday, January 10, 2012

My Last Edition of Accountancy - Epilogue

Re: "I wonder if I should preserve it for posterity?"

Answer: No, I have already binned it!

My Last Edition of Accountancy

My last edition of Accountancy Magazine has arrived today.

I wonder if I should preserve it for posterity?

Friday, January 06, 2012

ICAEW Launches True and Fair Updated

The ICAEW has launched a new website "True and Fair".

"This site is here to help you find out anything you would like to know about the process known as audit - or to use its full title 'Audit of Financial Statements'.... was created by ICAEW, a world leader of the accountancy and finance profession, as part of its public interest charter to advance the theory and practice of accountancy, finance, business and commerce."

Fair enough, but why not launch this as a CCAB initiative, given that CCAB is meant to "provide a unified voice on matters of common interest"?

FYI, the CCAB website is currently "under construction".

By the way, the ICAEW have not used the domain names or, because they are owned by Omkar Joshi who is CEO of Company Reporting Ltd (a publishing business focused on financial reporting practices of public companies).

"Omkar's recent venture TrueandFair was acquired by Company Reporting Limited, a pan-European information service which reports on constantly changing corporate financial reporting practice; identifying actual year on year changes in the reporting practice and governance procedures of Europe's leading companies."