More NewsAADB Publishes Finalised Changes to its Accountancy Scheme

AADB Publishes Finalised Changes to its Accountancy Scheme

The Accountancy and Actuarial Discipline Board (AADB), a part of the Financial Reporting Council (FRC), has published a feedback statement on the changes being made to its Accountancy Scheme. The board finalised its proposals following a wide-ranging review of the Accountancy Scheme, a public consultation and discussions with the professional bodies that participate in the Accountancy Scheme.

The proposed changes are designed to uphold the principles of fairness, transparency and proportionality and to ensure the continued provision of a “demonstrably fair, independent and expert system for investigating and, where appropriate, hearing significant public interest disciplinary cases” (AADB Aims and
Objectives).

Key changes being made to the Accountancy Scheme include:

  • A change to the evidential test to be applied before a matter proceeds to a disciplinary tribunal and the introduction of a desirability test.
  • New procedures to appoint tribunal and appeal tribunal members by an independent convener.
  • A new power to conduct preliminary enquiries, subject to an agreed protocol, before making a decision to investigate.
  • Restriction of the tribunal’s discretion to award costs against the board to circumstances where the AADB is found to have acted ‘unreasonably’.
  • Changes to the tribunal’s voting arrangements.

Timothy Walker, chairman of the AADB, said: “The changes we are making demonstrate the board’s commitment to the principles of independence, fairness and transparency in its disciplinary arrangements. They are the result of extensive consultation with the participants and others. We welcome the support of the participants for these changes, which we believe will further strengthen the disciplinary process in public interest cases. We anticipate the changes will come into effect in January 2010 at the latest.”

Related Articles

Infosys Finacle to power Santander UK’s international cash management system

More News Infosys Finacle to power Santander UK’s international cash management system

3w The Global Treasurer
Preparing for GDPR? Here’s four things to consider

More News Preparing for GDPR? Here’s four things to consider

4m Elliott Wiseman
Cash flow in focus for investors

Cash Management Cash flow in focus for investors

5m Conor Deegan
Treasury TV: Karen Pugsley, Domino's Pizza Group

More News Treasury TV: Karen Pugsley, Domino's Pizza Group

5m Victoria Beckett
Treasury TV: Yeng Butler compares US and European MMF reforms

Compliance Treasury TV: Yeng Butler compares US and European MMF reforms

5m Victoria Beckett
Treasury TV: Tim de Knegt, The Port of Rotterdam

10 Minutes With The Treasury Treasury TV: Tim de Knegt, The Port of Rotterdam

5m Victoria Beckett
Banks are selling clients short with short dated cash deposit U-turns

Banking Banks are selling clients short with short dated cash deposit U-turns

5m Victoria Beckett
What does sterling’s Brexit boost mean for UK manufacturers?

More News What does sterling’s Brexit boost mean for UK manufacturers?

6m Tasja Botha