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Impact of COVID–19: ACCA launches their New Regulatory Report

By Taxscan Team -

Due to the restrictions and limitations caused by the COVID-19 Global Pandemic, ACCA launched its new Regulatory Report. This Report on Regulation demonstrated how ACCA strives to achieve its purpose through a robust regulatory framework. Regulation is integral to ACCA’s brand promise of global quality. ACCA’s reputation, in turn, enhances the value of membership. Public value is, therefore, embedded in ACCA’s regulatory system.

With many professional accountants working in positions of strategic or functional leadership for businesses and governments worldwide, accountants and their professional bodies have a central role in protecting the public interest and delivering public value. To protect the public interest and enhance the reputation of ACCA members, they are taking their regulatory responsibilities very seriously.

With ACCA members spread throughout the world, they recognize that national systems of regulation vary significantly between countries. In some countries, they regulate their members directly, whereas, in others, governments or national bodies manage the process.

ACCA is working with governments and regulators around the world, contributing to policies being developed and avoiding the duplication of effort in jurisdictions where monitoring and regulation are well established.

ACCA regulations mainly include the following:

  • Issuing licenses to enable members to undertake specific types of work
  • Monitoring members’ compliance with rules and standards and
  • Investigating complaints against members wherever they are based.

The Annual ACCA Report on Regulation summarises their efforts to ensure that all of their members, and particularly those in public practice, are regulated appropriately and effectively. It also covers regulatory activities in respect of:

  • Countries where we are a statutory regulator
  • Complaints resolution procedures
  • Providing monitoring and other services under contract to other national bodies and regulators
  • ACCA’s qualifications and examinations.

All members come within the scope of regulation and those in public practice must comply with their Global Practising Regulations (GPRs).

The regulatory processes that they apply – and the regulations and standards with which their members must comply – are based on best practice, applicable statutory and lead regulator requirements, and the pronouncements of the International Federation of Accountants. Collectively, these form a framework for effective regulation and the protection of the public.

For more information on their Regulatory Report, click here.