The regulatory landscape is fast moving and ever evolving in response to unusual and challenging times
An overview of ACCA’s regulatory activities for 2021 is published today, covering qualifications and examinations, developing ACCA’s continuing professional development framework, members’ licensing, monitoring work, and the investigation of complaints and discipline of members, affiliates, students and firms.
The report explains how the independent Regulatory Board, which provides general oversight of ACCA’s regulatory arrangements, works with ACCA to ensure arrangements are robust, transparent, proportionate and in the public interest.
The public interest oversight arrangements in place, including the majority of lay (i.e., non-accountant) involvement is a key differentiator and a real strength in demonstrating that impartiality and public interest are at the fore. The Regulatory Board, therefore, plays a critical role in safeguarding the public interest and in delivering public value.
Lucy Winskell, Chair of the Regulatory Board says: ‘We live in very unusual and challenging times where the regulatory landscape is fast moving and ever evolving. Uncertainties and complexities have been compounded by the continued impact of the Covid-19 pandemic and the severe geopolitical tensions and conflict in a number of markets in which ACCA operates, most recently in Ukraine. These have combined to create new challenges.
‘The Board keeps abreast of these key developments and challenges. This allows the Board to understand the emerging risks and issues ACCA faces and to take a strategic view of the regulatory risks and actions ACCA is taking to mitigate those risks.
‘The Board is committed to ensuring that it plays its part in ensuring ACCA’s regulatory arrangements are robust, transparent and proportionate to meet the challenges that lie ahead.’
The report explains how regulatory activities continually evolve to ensure that ACCA meets its statutory responsibilities and protects the public. The innovation during the pandemic has provided the opportunity to look at new and improved ways of working. And ACCA works closely with its regulators to ensure that all changes are robust and rigorous.
Maggie McGhee, executive director strategy and governance at ACCA adds: ‘During the year, ACCA proactively addressed the implications of the UK’s exit from the EU on recognition and changes in the regulatory landscape, in particular ongoing developments in the UK audit regulatory framework and proposals emanating from the BEIS consultation on the future of audit.
‘The publication of the Government response to this Consultation in May 2022 will be a key area of focus for our regulatory activities in 2022. We are committed to supporting these reforms. Audit quality is fundamental to investor and public confidence. We will work to ensure that the reforms achieve their maximum impact.’
Maggie McGhee concludes: ‘ACCA’s commitment to regulatory excellence is global and we support other professional bodies and regulators to strengthen systems of regulation for accountants across the many markets in which we operate. During 2021, ACCA provided regulatory support to other professional bodies and regulators in Ethiopia, China, Malaysia, UAE and Ukraine.
‘The increased uncertainty and challenges arising from rapid and accelerating change and disruption across ACCA’s markets are expected to continue in the coming year. In 2022, ACCA move boldly forward, pursuing its purpose in a world that has fundamentally changed.
‘ACCA will continue to monitor developments in 2022 and engage with the Board and regulators to ensure that our regulatory activities continue to meet best practice.’
Read ACCA’s Report on Regulation (PDF, 895 KB)
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