In some countries the requirement to regulate and monitor certain activities and types of work is imposed by statute. ACCA acts as a statutory regulator where regulation of its members’ work is delegated to ACCA by the statutory authority. This imposes additional obligations on ACCA and its members.
Specific obligations vary depending on the type of regulated activity, but additional obligations for members will typically include one or more of the following:
- additional qualification and experience requirements above those required for a practising certificate
- minimum continuing experience requirements
- compliance with specific conduct of business rules
- the need to hold specific certificates or licences from ACCA in order to undertake regulated work and
- additional fees.
Obligations for ACCA include:
- requirements to report to superior regulators and to demonstrate to them that regulation is effective
- systems to check that members are qualified and eligible to undertake regulated work before issuing them with licences to do so
- requirements to monitor members’ conduct and the standard of their regulated work
- taking regulatory action against members who do not meet eligibility requirements, conduct of business rules or relevant quality standards, to impose conditions on, or remove, their licences in order to restrict regulated work undertaken by these members.