Compliance Responses and Action Plans

  • Compliance Responses and Action Plans

    IFAC members and associates have provided self-assessment information about the regulatory and standard-setting framework in their countries (Part 1) and their organizations' activities in addressing IFAC's membership requirements (Part 2) as described in the Statements of Membership Obligations. Based on an analysis of this information, they are developing SMO Action Plans for continuous development and improvement.

    Some organizations have qualified to submit SMO Action Plans on a biennial basis by meeting eligibility criteria. These organizations are indicated with an asterisk (*).

    In the interest of transparency and providing information to the profession, regulators, and other stakeholders, all responses and SMO Action Plans are accessible below.

    Institute of Financial Accountants

     

    Introduction

    The information below has been submitted as part of the IFAC Member Body Compliance program. The Program has two components:

    Part 1: Assessment of the Regulatory and Standard-Setting Framework (provides information about regulatory requirements and standard-setting processes in member body countries); and
    Part 2: Assessment of Compliance (provides information on compliance by member bodies with the Statements of Membership Obligations). Part 2 of the Compliance Program will begin later this year, and the results will also be posted to the website.

    The responses to Part 1 are provided below. IFAC staff has reviewed the responses and, where necessary, validated them with external knowledgeable parties. A list of key terms is available to assist readers in understanding the responses.

    The purpose of this Part 1 Assessment is to collect information on the roles of IFAC member bodies and other organizations (including government, regulatory or other appointed authorities) with respect to:

    1. Setting auditing, accounting, ethics, public sector and education standards; and
    2. Regulating the accountancy profession.

    Sections 1 and 2 of Part 1 contain an introduction and instructions for member body respondents. For this reason, they are not included here, and the responses begin with Section 3.

    Questions or comments may be sent to complianceassessment@ifac.org.


    Section 3 -- Member Body General Information

    1. Country:

      United Kingdom


    2. Name of member body:
      Institute of Financial Accountants

      Or please specify name:



    3. Individual responsible for preparation:
      Mr Stephen Boakes AFA, MAAT, FIAB


    4. Date member body became a member of IFAC:
      Note: Please enter a numeric date (e.g., 12/2001, Month/Year)

      /



    Questions 5 - 22 are for internal use only


    Section 3G -- Affiliations


    23. Please list those regional organizations to which your organization belongs (e.g., FEE, CAPA, ECSAFA, IAA, etc.):
      None



    Section 4 -- Statutory Framework


    Responses to this section will provide a description of the legal framework governing the commercial aspects of auditing and financial reporting in your country.

    Section 4A -- The Companies Act or Commercial Code


    The following questions concern the Companies Act (the Act) or Commercial Code (the Code) or similar Legal authority in your country. If no Legal authority exists, or the Legal authority does not address particular questions, please indicate "N/A" for Not Applicable.

    24. What is the full name of:
      a). the Act or the Code: The Companies Act 2006 implemented the provisions of the EU Statutory Audit Directive came into force on 6th April 2006. The Act replaced the previous Companies Acts which dealt with similar matters in relation to auditors.
      b). the Enacting body: Government, Department for Business, Enterprise and Regulatory Reform
      c). date the Act or Code came into force: 04 / 2008


    25. How can IFAC obtain a copy of the Act or Code?
      A copy of the Act can be downloaded from the following Government website: http://www.berr.gov.uk/bbf/co-act-2006/ as well as in the Butterworths' Company Law handbook.


    26. Is the Act or Code available in English?
      Yes   No


    27. What are the types of entities covered by the Act or the Code?
      Please check all that apply.
      Listed entities   Other (please specify):
      Private companies   Other (please specify): Not for profit, some
      Governmental   Other (please specify):
      Not-for-profit   Other (please specify):


    28. Is there a requirement for the following entities to prepare annual statutory financial statements? If YES, please describe the financial reporting requirements including the accounting standards to be followed.
      Please check all that apply.
        No Yes (If YES, please describe)
      Listed entities Accounts to consist of Profit & Loss Account and balance Sheet, giving a true and fair view. UK accounting standards issued by the Accounting Standards Board (ASB) are also to be followed, which require a cash flow statement and a statement of totoal recognised gains and losses. Copies of UK accounting standards can be obtained from the ASB; www.asb.org.uk/publications.
      Private companies As above
      Governmental
      Not-for-profit Some, as above
      Other (please describe)
      Other (please describe)


    29. Is there a statutory requirement for the following entities to be audited? If YES, describe the requirement including the auditing standards to be followed:
      Please check all that apply.
        No Yes (If YES, please describe)
      Listed entities Auditor to state whether the accounts give a true and fair view and are properly prepared in accordance with the requirements of the Act. The standards to be followed are the UK Auditing Standards issued by the Auditing Practices Board. As from 1 January 2005, International Auditing Standards will apply to all UK companies (subject to an exception for companies that have both a turnover of not more than
      Private companies as above
      Governmental
      Not-for-profit As above
      Other (please describe)
      Other (please describe)


    30. Are the auditors ("statutory auditors") that are appointed for audits required by the Act or Code ("statutory audits") appointed for a specific period?
      Yes   No
      If YES, please indicate the term of appointment: 1 Year(s)


    31. Who appoints the statutory auditors?
      Please check all that apply.
      Shareholders   Management
      Board of directors   Other (please specify): Board of Directors applies in the event of a vacancy.
      Audit committee   Other (please specify):
      Government agency   Other (please specify): auditor can be re-appointed at the AGM.


    32. Does the Act or Code require joint auditors for the statutory audit?
      Yes   No
      If yes, please describe the requirement:


    33. Does the Act or Code require the rotation of the auditors or audit firms performing statutory audits?
      Yes   No
      If yes, please describe the requirement:



    Section 4B -- Securities Market Regulations


    Responses to this section will provide a description of the financial reporting and auditing requirements for listed entities in your country.

    34. What are (a) the major items of Legal authority for such requirements, (b) the Enacting body(ies) and (c) the latest amendment date? Please identify the specific articles or sections that pertain to auditing and financial reporting:
    1. the major items of Legal authority for such requirements

      The Listing Rules

    2. the Enacting body(ies)

      The UK Listing Authority (UKLA), part of the Financial services Authority (FSA).

    3. the latest amendment date?

      April 2008


    35. How can IFAC obtain a copy of the Legal authority?
      The Listing rules are available at www.fsa.gov.uk


    36. Is the Legal authority available in English?
      Yes   No


    37. Are there any additional or alternative financial statement reporting requirements for listed entities that are not described in your answer to Question 28?
      Yes   No
      If YES, please describe the requirement:
      Half-yearly interim reporting.


    38. Are there any additional auditing requirements that apply to listed entities other than those described in your answer to Question 29 (e.g., additional GAAS requirements, additional independence requirements, requirements to report to those charged with governance, etc.)?
      Yes   No
      If YES, please describe the requirement:
      Reporting on corporate governance disclosures.


    39. Who appoints the statutory auditors of listed entities?
      Please check all that apply.
      Shareholders   Management
      Board of directors   Other (please specify): See also Q31
      Audit committee   Other (please specify):
      Government agency   Other (please specify): Can be reappointed at AGM.


    40. Are auditors who perform audits of listed entities appointed for a specified period?
      Yes   No
      If YES, please indicate the term of appointment: 1 Year(s)


    41. Are joint auditors required for audits of listed entities?
      Yes   No
      If YES, please describe the requirement:


    42. Is rotation of the auditor or audit firm for audits of listed entities required?
      Yes   No
      If YES, please describe the requirement:
      Under the APB's Code of Ethics for Auditors individual audit engagement partners of listed company audit clients are rotated at least every 5 years. There is a proposal that this be extended to 7 years.



    Section 5 -- Auditing Standards


    Responses to this section will provide a description of the legal and professional framework governing audit and other assurance standards in your country. The section focuses on the establishment of such standards. Please indicate the role your organization plays within this framework.

    Section 5A -- Statutory Framework


    43. Please provide the name of the Legal authority and/or self-regulatory rules that establish audit and other assurance standards in your country, the date of the last amendment of such authority or rules and the name of body responsible for setting audit and other assurance standards. If the standards are different for different entities (e.g., listed entities, private companies, governmental bodies, not-for-profit organizations, etc.), please specify the details that apply to each:
      Type of entity Name of
      applicable
      legal
      authority
      Date of last
      amendment
      (e.g. MM/YYYY 06/2001)
      Name of body responsible
      for setting audit and
      other assurance standards
      Listed entity companies Act 2006 (private and public companies including listed entities. Note 1 Auditing Practices Board (APB)
      Other (please describe) Entities established under legislation See note 2 Note 1
      Other (please describe) public sector and other audits See Note 3 and Note 4
      Other (please describe)

      a. How can IFAC obtain copies of these documents?

      Through Her Majesty's Stationery Office at www.hmso.gov.uk.

      Note 1 (Q43) - The current Companies Act which consolidated previous companies acts is the Companies Act 2006. Amendments have been made since, principally by means of Statutory Instruments. The Companies Act 2006 contains requirements for auditing bodies to abide by technical standards set by an independent body, but that auditing standards and
      the Auditing Practices Board are not specified in legislation. The Consultative Committee of Accountancy Bodies has undertaken to adopt auditing standards and guidance issued by the Auditing Practices Board within three months of promulgation by the Auditing Practices Board. The Limited Liability Partnerships Act 2000 has also been amended, principally by means of Statutory Instruments. The Companies Act 2006 is being implemented over a period of time and provisions relating to auditing were implemented on 6th April 2008.

      Note 2 (Q43) - Entities established under other legislation: These include building societies, credit unions, pension funds, registered social landlords, charities, industrial and provident societies, friendly societies, trade unions and others. Such entities are subject
      to varying auditing requirements depending on their size, and on the legislation to which they are subject.

      Note 3 (Q43) - Governmental bodies: An APB Practice Note provides guidance on how to apply standards to audits in the public sector.

      Note 4 (Q43) - Standards set by the Auditing Practices Board apply to (a) other audits conducted by firms registered with CCAB members unless the terms of engagement require the use of other recognized auditing standards such as International Standards on Auditing and (b) audits conducted by firms not registered with CCAB members where such firms elect to, or are required by contract to perform audits in accordance with UK or Irish auditing standards.


      b. Are the documents available in English?
      Yes   No


    Section 5B -- Standard-Setting (Auditing Practices Board (APB))


    44. For Auditing Practices Board (APB), please indicate the nature of the body (i.e., whether it is part of a government ministry or department, an agency appointed by government, a private organization established by the profession, or other [please describe]) and the name of the standards.
      a. Nature of body

      Private Company limited by guarantee.

      The Auditing Practices Board is a subsidiary of the Financial Reporting Council which is an independent body responsible for auditing and accounting standard setting, the oversight of the profession and the promotion of high standards of corporate governance in the UK.


      b. Name of standards

      International standards On Auditing (UK and Ireland).


    45. How many voting members does the standard-setting body have?
      15


    46. Are the members of the standard-setting body involved on a voluntary basis or employed by the standard-setting body?
      Voluntary  
      Employed  
      Both - Please describe: All members of the Auditing Practices Board are involved on a voluntary basis except for the Executive Director who is an employee.


    47. What are the criteria considered in selecting members of the standard-setting body (e.g., best person for the job, sector of the profession, private and public members, academic, geographical representation, etc.)?
      40% of Auditing Practices Board members are required to be Responsible Individuals, i.e. eligible for appointment as company auditors under companies legislation. Any of the balance of 60% who are accountants may not be office holders of any accountancy body, nor involved in the governance of any accountancy body, nor partners in firms authorised to conduct audits. Representatives the Department for Business, Enterprise & Regulatory Reform, the Financial Services Authority and the Irish Auditing and Accounting Supervisory Authority in the Republic of Ireland, and are entitled to attend and speak at meetings but not to vote.


    48. Who appoints these members (e.g., member body, government, user, regulator, etc.)?
      The Nomination Committee of the Financial Reporting Council leads the appointment of members of the Auditing Practices Board following best practice.


    49. What is the term of appointment for members?
      3 Year(s)


    50. For how many years has the standard-setting body been in existence?
      18 Year(s)


    51. Please indicate the budget in US$ of the standard-setting body for the last fiscal year:
      Note: Please enter a whole number using commas (e.g., 4,000,000)

      $1,773,000

      Please enter the exchange rate used to calculate this number.

      Note: Please enter a decimal amount (e.g., 4.0027)

      1.97



    52. To what entity is the standard-setting body accountable?
      The Financial Reporting Council


    53. Describe the due process followed by the standard-setting body. Please include explanations of the following:
    1. public exposure of standards

      Before publishing or amending an Auditing Standard (AS) or any other standard, the Auditing Practices Board publishes an exposure draft on its web-site, ensures that a hard copy of the document is circulated to the accountancy bodies and to other interested parties and allows at least three months, unless circumstances require a shorter period, for representations to be made on it. Where publications cause changes to be made to other previously issued publications, any such consequential changes are exposed for comments.

    2. accessibility of meetings (i.e., public or private)

      Private

    3. approval process for final standards (i.e., majority required to approve final standards)

      Decisions to establish, publish, amend or withdraw an AS or an exposure draft thereof requires a majority of the votes of all the members of the Auditing Practices Board (whether present at a meeting or not).

      Decisions to establish, publish, amend or withdraw non-mandatory notes, guidance and other material relevant to auditing requires a simple majority of the votes of the members of the Auditing Practices Board who are at a meeting where a quorum is present and at which the matter is decided upon.

      Any other questions are decided by a majority of votes actually cast at a meeting. In case of an equality of votes, the chairman of the meeting has a second or casting vote.


    4. other relevant due process activities

      The Auditing Practices Board has established a Technical Advisory Group and publishes a review of its activities annually. For further details please see www.apb.org.uk/apb/about/annual.cfm.


    54. Approximately how many days per year does the standard-setting body meet in full session (including teleconferences)?
      10 Day(s)



    Section 6 -- Ethics


    Responses to questions in this section will provide a description of the legal and professional framework governing ethics standards for accountants in your country. This section focuses on the establishment of such standards. Please indicate the role your organization plays within this framework.

    Section 6A -- Statutory Framework


    55. For each of the following types of professionals, please indicate the name of the Legal authority and/or self-regulatory rules establishing ethics standards for accountants and auditors in your country, the date of the last amendment of such authority or rules and the name of body responsible for setting the ethics standards.
      Type of professional covered Name of
      applicable
      legal
      authority
      Date of last
      amendment
      (e.g. MM/YYYY 06/2001)
      Name of body responsible
      for setting ethics standards
      Professional Accountants in Public Practice Not Applicable as IFA is not involved in Audit work. Companies Act 2006 Institute of Financial Accountants
      Professional Accountants in Business
      Professional Accountants in the Public Sector
      Other (please describe)

      a. How can IFAC obtain copies of these documents?

      A copy of the IFA's Code of Ethics has been supplied in the Supporting Documentation pack accompanying this submission.

      b. Are the documents available in English?
      Yes   No


    Section 6B -- Standard-Setting (Institute of Financial Accountants)


    56. For Institute of Financial Accountants, please indicate the nature of the body (i.e., whether it is part of a government ministry or department, an agency appointed by government, a private organization established by the profession, or other [please describe]) and the name of the standards.
      a. Nature of body

      Member owned accountancy body.

      b. Name of standards

      FRAMEWORK FOR REGULATION.

      CODE OF ETHICS AND BEST PRACTICE.


    57. How many voting members does the standard-setting body have?
      As a member owned accountancy body, Council, consisting of a maximum of 15 members is the ultimate authority.


    58. Are the members of the standard-setting body involved on a voluntary basis or employed by the standard-setting body?
      Voluntary  
      Employed  
      Both - Please describe:


    59. What are the criteria considered in selecting members of the standard-setting body (e.g., best person for the job, sector of the profession, private and public members, academic, geographical representation, etc.)?
      Members of Council must be a fellow member of the Institute and are appointed by the membership at the AGM.


    60. Who appoints these members (e.g., member body, government, user, regulator, etc.)?
      See Q59.


    61. What is the term of appointment for members?
      3 Year(s)


    62. For how many years has the standard-setting body been in existence?
      91 Year(s)


    63. Please indicate the budget in US$ of the standard-setting body for the last fiscal year:
      Note: Please enter a whole number using commas (e.g., 4,000,000)

      1,385,000

      Please enter the exchange rate used to calculate this number.

      Note: Please enter a decimal amount (e.g., 4.0027)

      1.97



    64. To what entity is the standard-setting body accountable?
      The ethical standard setting of accountancy bodies are subject to oversight by the Public Oversight Board, POB, elelement of the Financial reporting Council to ensure they are in the public interest.


    65. Describe the due process followed by the standard-setting body. Please include explanations of the following:
    1. public exposure of standards

      The Accountancy bodies are not required to issue their ethical standards for public consultation.

    2. accessibility of meetings (i.e., public or private)

      Private.

    3. approval process for final standards (i.e., majority required to approve final standards)

      Majority voting applies.

    4. other relevant due process activities

      The statutory bodies that register statutory auditors submit an annual report to the UK government which considers any relevant ethical developments.


    66. Approximately how many days per year does the standard-setting body meet in full session (including teleconferences)?
      4 Day(s)



    Section 7 -- Education


    Responses to questions in this section will provide a description of how education requirements for the profession are established. Please indicate the role your organization plays within this process.

    Section 7A -- Education Requirements


    67. Please describe in general terms the education system in your country including the different stages of education from early childhood education through to tertiary level study. Please indicate which aspects / levels are compulsory as part of the national education system:
      Schooling is compulsory from ages 5 to 16 through stages seen as infant/first, primary/middle and secondary. Education after 16 is voluntary. Higher Education (i.e. the university sector) commences at 18.


    68. Is there a legal authority or regulation that specifies the requirements for an individual to operate as an accountant or auditor in your country?
      Yes   No

      If YES, please provide the name and describe the requirements, including any relating to education, experience or qualifications.

      Accountancy per se is not legally restricted but company auditing is, as are insolvency and financial services. Company auditors must be registered auditors and in order to become a registered auditor an individual must hold a recognized qualification for audit under the Companies Act, 2006.
      Members of the IFA do not carry out audit work.


    69. Please select from below all the relevant key levels of requirements to obtain certification from your member body (i.e. to qualify as a certified or chartered accountant) and provide a general description of the requirement.
      Academic requirements
      The following qualifications are accepted for admission to Technician level:
      4 GCSEs including English Language and a quantitative subject plus one A Level or Scottish Higher in an academic subject;
      NVQ3 in Accounting;
      Advanced VCE/GNVQ in Business;
      BTEC natioal certificate/Diploma in Business and Finance;
      SCOTVEC National Certificate in Business and Finance;
      IABLevel 3 Diploma in Accounting and Advanced Book-keeping.
      For the Exemption route, the following are specified:
      Technician: HNC Business and Finance (with the relevant 'pathway', ACCA CAT, or Part 1 CIMA Foundation level
      Associate: HND Business and Finance (must include achievement of a Merit grade in each of the three units entitled Management Accounting, Financial Systems and Auditing and Financial Reporting).
      Business Degree (including appropriate Financial and Management accounting modules and awarded by a recognised university).
      S/NVQ Level 4 in Accounting (including appropriate units).
      CIMA Intermediate level.
      ACCA Part 2.
      Fellow: Honours Degree in Accounting (awarded by a recognised university.
      CIMA Final level.
      ACCA Part 3.
      Professional examinations
      Practical experience
      Accreditation of Prior Learning Route to Membership:
      The APL candidate must identify what he or she does as an accountant and produce a profile identifying relevant skills, knowledge and understanding. An evaluation is made against the learning objectives derived from the IFA examination syllabus. Verification of the evidence by the relevant employer or, if self employed, by a professional peer, is anessential requirement of the scheme.
      Final qualifying examination
      Other (please describe)


    70. Which of the following arrangements best describes who establishes the education requirements for the accounting profession in your country? Please select one option.
      A government ministry, department or agency establishes education requirements for the accounting profession with no additional requirements set by the member body(ies).
      A government ministry, department or agency establishes minimum education requirements for the accounting profession, and member body(ies) supplement these requirements.
      Member body(ies) establishes the education requirements for the accounting profession.
      Other (please describe) See Q71 for explanation.


    71. Please provide the name(s) of the relevant body in the government ministry, department, agency and / or member body who establishes the education requirements.
      For auditing and insolvency, the Department Business, Enterprise and Regulatory Reform.

      For financial services, the Financial Services Authority.

      Additional info re Q70: Accountancy per se is not legally restricted in the UK. Therefore, professional bodies, such as IFA, decide who can be their members and members of the public are free to practise as accountants without necessarily joining a professional body. However,
      auditing is legally restricted and the requirements are set by parliament/government. IFA members do not carry out audit work.

    1. A general description of the role of the relevant body(ies) including how it operates and its due process in establishing the education requirements.

      The Department for Business, Enterprise and Regulatory Reform is a major government department under a leading cabinet minister, the Secretary of State. For full details, see http://www.berr.gov.uk/about_berr.html.

      The Financial Services Authority is an independent non-governmental body that has legal powers to regulate financial services in the UK granted by the Financial Services and Markets Act, 2000. Full details can be found at http://www.fsa.gov.uk

    2. How many voting members does the relevant body(ies) have

      N/A

    3. Are the members of the relevant body(ies) involved on a voluntary basis or employed by the standard-setting body?
      Voluntary  
      Employed  
      Both - Please describe: Re Q71d - BERR was created in June 2007, taking over from the DTI. The FSA was established in 1997.

    4. For how many years has the body been in existence?

      Year(s)


    72. How would you describe the authority that the education requirements have?
      Requirements are legally-based
      Requirements are set in the constitution, by-laws or other rules of the relevant body(ies).
      Requirements are set in member body(ies) policy document(s).
      Other (please describe)

    72 a. How can IFAC obtain copies of these documents?
      See the websites given above and also http://www.hmso.gov.uk

    72 b. Are these documents available in English?
      Yes   No


    73. Are the education requirements for accountants and auditors the same throughout your country, or do they differ among regions, provinces or states?
      Same   Different
      If different, please briefly describe the main differences:
      As explained, accountants and auditors face different practising requirements from each other. However, those individual requirements are consistent throughout the United Kingdom. Note: there are no legal requirements to practise as an accountant in the UK.


    74. Please indicate the scenario that best describes who delivers the education and examination process for members of the profession. Please only select one option.
      The education program and final examination are delivered by the member body.
      The education program and final examination are delivered by the member body and other education institutions (e.g., universities, colleges, and others).
      The education program and final examination are delivered by education institutions (e.g., universities, colleges, and others).
      Other (please explain)


    75. Once qualified as a member of your professional body, can members offer their services directly to the public?
      Yes   No



    Section 7B -- Licensing


    76. Are there licensing requirements for auditors in your country?
      Yes (continue with Question 77)   No (proceed to Section 8)


    77. Who sets the requirements to obtain a license?
      Requirements come from the European Union The Statutory Audit Directive, UK legislation (Companies Act, 2006) and the regulations of recognized qualifying and supervisory bodies.


    78. What are the requirements to obtain a license (please select all relevant requirements.)?
      Academic study specific for obtaining a license
      Practical experience
      Licensing examination
      Final qualifying examination
      Other (please describe)


    79. Are there ongoing requirements to retain a license?
      Yes   No

      If YES, please select all relevant requirements.
      Continuing professional development
      Re-examination
      Other (please specify): Professional Indemnity Insurance (PII) and continued compliance with the eligibility requirements of the audit regulations.


    80. What entity grants the license?
      The recognized supervisory body.


    81. Describe any additional licensing requirements for auditors of listed entities (e.g., additional education requirements, registration, etc.).
      N/A



    Section 8 -- Public Sector Accounting Standards


    Responses to this section will provide a description of the legal and professional framework governing public sector accounting standards in your country. The section focuses on the establishment of such standards. Please indicate, where appropriate, the role of your organization within this framework.

    Section 8A -- Statutory Framework


    82. Please provide the name of the Legal authority and/or self-regulatory rules establishing public sector accounting standards in your country, the date of last amendment and the name of the body responsible for setting public sector accounting standards. If the standards are different for different entities (e.g., whole of government, ministry/department, statutory authority/agency, profit entity owned by government, state governments, local governments, other [please specify]), please specify the details that apply to each.
      Type of entity Name of
      legal
      authority
      Date of last
      amendment
      (e.g. MM/YYYY 06/2001)
      Name of body responsible
      for setting public sector
      accounting standards
      Whole of government There are two bodies responsible for standard setting in this area as indicated at right. 04/2006 UK Treasury (overseen by Financial Reporting Advisory Board (FRAB))
      Ministry/department UK Accounting Standards Board/PSNC (Public Sector and Not-for-Profit Committee)
      Statutory authority/agency
      Profit entity owned by government
      State governments
      Local governments
      Other (please describe)
      Other (please describe)

      a. How can IFAC obtain copies of these documents?

      For principal documents the Resource Accounting Manual (RAM) can be obtained from the UK Treasury and is also available on-line at www.hm-treasury.gov.uk. The Code of Practice on Local Authority Accounting in the United Kingdom can be obtained from the Chartered Institute of Public Finance & Accountancy (IFAC member body). Extracts from legal authorities can be provided by CIPFA.

      b. Are the documents available in English?
      Yes   No


    Section 8B -- Standard-Setting (UK Treasury (overseen by Financial Reporting Advisory Board (FRAB)))


    83. For UK Treasury (overseen by Financial Reporting Advisory Board (FRAB)), please indicate the nature of the body (i.e., whether it is part of a government ministry or department, an agency appointed by government, a private organization established by the profession, or other [please describe]) and the name of the standards.
      a. Nature of body

      Government Department with statutorily recognized advisory board.

      b. Name of standards

      Resource Accounting Manual and other non-departmental public body, trading fund and public corporation requirements.


    84. How many voting members does the standard-setting body have?
      14


    85. Are the members of the standard-setting body involved on a voluntary basis or employed by the standard-setting body?
      Voluntary  
      Employed  
      Both - Please describe:


    86. What are the criteria considered in selecting members of the standard-setting body (e.g., best person for the job, sector of the profession, private and public members, academic, geographical representation, etc.)?
      The Terms of Reference for the Financial Reporting Advisory Board give powers of nomination to a variety of bodies. These include the UK Accounting Standards Board, the UK audit bodies, departmental bodies, Office of National Statistics and an independent economist.


    87. Who appoints these members (e.g., member body, government, user, regulator, etc.)?
      See above Question 86. Independent economist is nominated by the Head of Government Economic Service.

      Re: Question 88: Appointments are determined on an individual basis.


    88. What is the term of appointment for members?
      3 Year(s)


    89. For how many years has the standard-setting body been in existence?
      13 Year(s)


    90. Please indicate the budget in US$ of the standard-setting body for the last fiscal year:
      Note: Please enter a whole number using commas (e.g., 4,000,000)

      N/A

      Please enter the exchange rate used to calculate this number.

      Note: Please enter a decimal amount (e.g., 4.0027)

      N/A



    91. To what entity is the standard-setting body accountable?
      The FRAB reports to the Public Accounts Committee and Treasury Select Committee of the House of Commons.


    92. Describe the due process followed by the standard-setting body. Please include explanations of the following:
    1. public exposure of standards

      There is no public exposure of standards. There is internal consultation within Government and affected entities on changes to the Resource Accounting Manual /NHS Manual of Accounts and other accounting requirements for Non Departmental Public Bodies, Trading Funds & Public Corporations.

    2. accessibility of meetings (i.e., public or private)

      Private

    3. approval process for final standards (i.e., majority required to approve final standards)

      FRAB

    4. other relevant due process activities

      None


    93. Approximately how many days per year does the standard-setting body meet in full session (including teleconferences)?
      5 Day(s)


    Section 8B -- Standard-Setting (UK Accounting Standards Board/PSNC (Public Sector and Not-for-Profit Committee))


    83. For UK Accounting Standards Board/PSNC (Public Sector and Not-for-Profit Committee), please indicate the nature of the body (i.e., whether it is part of a government ministry or department, an agency appointed by government, a private organization established by the profession, or other [please describe]) and the name of the standards.
      a. Nature of body

      National Standards Setter

      b. Name of standards

      SORPs for local government, further and higher education, social housing, and charities components of public benefit sector.


    84. How many voting members does the standard-setting body have?
      Not known


    85. Are the members of the standard-setting body involved on a voluntary basis or employed by the standard-setting body?
      Voluntary  
      Employed  
      Both - Please describe: See also Section 9 for detail on ASB. The members of its Public Sector and Not-for-profit Committee are involved on a voluntary basis


    86. What are the criteria considered in selecting members of the standard-setting body (e.g., best person for the job, sector of the profession, private and public members, academic, geographical representation, etc.)?
      Best person for job allied with need to ensure adequate representation from different components of public benefit sector.


    87. Who appoints these members (e.g., member body, government, user, regulator, etc.)?
      Members are appointed by the ASB.


    88. What is the term of appointment for members?
      2 Year(s)


    89. For how many years has the standard-setting body been in existence?
      19 Year(s)


    90. Please indicate the budget in US$ of the standard-setting body for the last fiscal year:
      Note: Please enter a whole number using commas (e.g., 4,000,000)

      see Section 9

      Please enter the exchange rate used to calculate this number.

      Note: Please enter a decimal amount (e.g., 4.0027)

      see Section 9



    91. To what entity is the standard-setting body accountable?
      The PSNC reports to the full Board (ASB), which is one of the operational bodies of the UK Financial Reporting Council


    92. Describe the due process followed by the standard-setting body. Please include explanations of the following:
    1. public exposure of standards

      For Accounting Standards Board SORPS are required to be exposed for a 3-month period.

    2. accessibility of meetings (i.e., public or private)

      Private

    3. approval process for final standards (i.e., majority required to approve final standards)

      See Section 9 for full ASB approval requirements. Full Board of ASB must also approve consultation exposure drafts. The Public Sector and Not-for-profit Committee operates on

    4. other relevant due process activities

      ASB PSNC has produced a Paper on the Application of the UK Statement of Principles to the Public Benefit Sector.


    93. Approximately how many days per year does the standard-setting body meet in full session (including teleconferences)?
      5 Day(s)



    Section 9 -- Private Sector Accounting Standards


    Responses to the questions in this section will provide a description of the legal, statutory and professional framework governing private-sector accounting standards in your country. The section focuses on the establishment of such standards. Please indicate what role your organization plays within this framework.

    Section 9A -- Statutory Framework


    94. Please provide the name of the Legal authority and/or self-regulatory rules that establish private-sector accounting standards in your country, the date of last amendment, and the name of the body responsible for setting private sector accounting standards. If the standards are different for different entities (for example, listed entities, private companies, governmental organization, not for profit organizations, etc.), please specify the requirements that apply to each.
      Type of entity Name of legal
      authority or
      applicable
      rules
      Date of last
      amendment
      (e.g. MM/YYYY 06/2001)
      Name of body responsible
      for setting private sector
      accounting standards
      Listed entity See 94a for further detail UK Accounting Standards Board
      Other (please describe)
      Other (please describe)
      Other (please describe)
      Other (please describe)

      a. How can IFAC obtain copies of these documents?

      www.asb.publications.com


      With effect from January 2005, group accounts for UK listed companies are required to comply with standards prepared by the International Accounting Standards Board, as approved by the European Commission. The Companies Act 2006 provides that individual companies and other groups, can choose to comply with IASB
      standards.


      b. Are the documents available in English?
      Yes   No


    Section 9B -- Standard-Setting (UK Accounting Standards Board)


    95. For UK Accounting Standards Board, please indicate the nature of the body (i.e., whether it is part of a government ministry or department, an agency appointed by government, a private organization established by the profession, or other [please describe]) and the name of the standards.
      a. Nature of body

      Agency appointed jointly by government and private sector.

      b. Name of standards

      Financial Reporting Standards


    96. How many voting members does the standard-setting body have?
      Up to 11


    97. Are the members of the standard-setting body involved on a voluntary basis or employed by the standard-setting body?
      Voluntary  
      Employed  
      Both - Please describe: 2 employed up to 9 voluntary


    98. What are the criteria considered in selecting members of the standard-setting body (e.g., best person for the job, sector of the profession, private and public members, academic, geographical representation, etc.)?
      Not stated, but in practice there appears to be a balanced membership


    99. Who appoints these members (e.g., member body, government, user, regulator, etc.)?
      Financial Reporting Council (Regulators)


    100. What is the term of appointment for members?
      Year(s)


    101. For how many years has the standard-setting body been in existence?
      19 Year(s)


    102. Please indicate the budget in US$ of the standard-setting body for the last fiscal year:
      Note: Please enter a whole number using commas (e.g., 4,000,000)

      $3,546,000

      Please enter the exchange rate used to calculate this number.

      Note: Please enter a decimal amount (e.g., 4.0027)

      1.97



    103. To what entity is the standard-setting body accountable?
      The Financial Reporting Council


    104. Describe the due process followed by the standard-setting body. Please include explanations of the following:
    1. public exposure of standards

      Draft Standards are exposed for public comment

    2. accessibility of meetings (i.e., public or private)

      Private

    3. approval process for final standards (i.e., majority required to approve final standards)

      Seven members required to vote in favour when the Board has 11 members; 6 when it has less than 10

    4. other relevant due process activities

      Draft standards are sometimes preceded by discussion papers, which are exposed for public comment


    105. Approximately how many days per year does the standard-setting body meet in full session (including teleconferences)?
      Day(s)



    Section 10 -- Monitoring (Quality Assurance) and Enforcement


    Responses to the questions in this section will provide a description of the legal and professional framework governing regulation of the profession in your country. Please indicate what role your organization plays within this framework.

    Section 10A -- Securities Market Regulatory Authority


    106. Name the authority that regulates the securities market:
      Financial Services Authority


    107. What responsibilities does this organization have for monitoring and enforcing compliance with accounting, reporting or auditing requirements? Please identify the Legal authority that establishes that responsibility:
      See response to 10d


    108. Briefly describe the role of the regulatory authority as it relates to the following:
    1. regulation of the audit profession

      None

    2. accounting and auditing standard-setting

      None

    3. review of financial statements prepared by listed entities, and monitoring of their compliance with the accounting and disclosure requirements

      None, other than through their enforcement of the Listing Rules. This enforcement role is mainly concerned with pre-approval of information supplied with prospectuses or where shareholder approval is required.



    Section 10B -- Stock Exchange


    109. Name the four largest stock exchangers (by market capitalization) and whether it is organized as a profit or not-for-profit organization:
      Profit Not
      for
      profit
      Stock Exchange
      London Stock Exchange
      Alternative Investment Market
      PLUS Markets



    Section 10B -- Stock Exchange
    London Stock Exchange Details


    110. For London Stock Exchange, is there a mechanism at the stock exchange(s) for monitoring and enforcing financial reporting, accounting and auditing of listed entities?
      Yes   No

      If YES, please describe the following:

    1. How the monitoring and enforcement of financial reporting, accounting and auditing is conducted.



    2. The consequences of non-compliance with the financial reporting, accounting or auditing requirements.



    3. How enforcement actions are administered.



    Section 10B -- Stock Exchange
    Alternative Investment Market Details


    110. For Alternative Investment Market, is there a mechanism at the stock exchange(s) for monitoring and enforcing financial reporting, accounting and auditing of listed entities?
      Yes   No

      If YES, please describe the following:

    1. How the monitoring and enforcement of financial reporting, accounting and auditing is conducted.



    2. The consequences of non-compliance with the financial reporting, accounting or auditing requirements.



    3. How enforcement actions are administered.



    Section 10B -- Stock Exchange
    PLUS Markets Details


    110. For PLUS Markets, is there a mechanism at the stock exchange(s) for monitoring and enforcing financial reporting, accounting and auditing of listed entities?
      Yes   No

      If YES, please describe the following:

    1. How the monitoring and enforcement of financial reporting, accounting and auditing is conducted.



    2. The consequences of non-compliance with the financial reporting, accounting or auditing requirements.



    3. How enforcement actions are administered.




    Section 10C -- Regulatory Oversight of the Accounting Profession


    111. Has an audit profession oversight body been established (e.g., to oversee the external quality assurance review process, etc.)?
      Yes   No

      If NO, proceed to the next section.

      If YES, please describe :

    1. What are the name and duties of the oversight body?

      The Professional Oversight Board (POB), a subsidiary of the Financial Reporting Council (FRC) structure.


    2. The number of members on the oversight body

      The Board of the POB has 11 members

    3. Its powers

      In relation to audit the POB will:

      Discharge on behalf of the FRC the statutory responsibilities delegated by the Secretary of State for authorising professional accountancy bodies to act as supervisory bodies and/or to offer a recognised professional qualification. The POB is also responsible for the independent oversight of the regulation of the accountancy profession by the professional accountancy bodies (i.e. CCAB).


    4. How the oversight body conducts or oversees a program of inspections to assess the degree of compliance of each audit firm/auditor with applicable auditing standards and regulations

      The POB was launched on 1 April 2004. It does not directly assess the degree of compliance for an answer to be given to this question. Instead it oversees the work of the recognised supervisory bodies and publishes an annual report to the Secretary of State. The Audit Inspection Unit commenced operation in 2004 by reviewing the audits of public interest entities as set out in 11c. It publishes an annual report of its activities.

    5. The sanctions the oversight body may impose in the event of non-compliance

      The regulatory bodies for audit firms/auditors remain the RSBs (e.g. the ICAEW). The AIU imposes sanctions, but reports to the relevant RSB.

    6. How the oversight body is accountable to any public institution or body

      The POB is accountable to the Government


    Section 10D -- Banks Regulatory Authority


    112. Name the authority that regulates the banks and similar financial institutions. Discuss how this authority differentiates between accounting requirements for regulatory reporting and general purpose external financial reporting:
      The Financial Services Authority (FSA) is responsible for the regulation of banks, insurers and investment businesses. It is not responsible for regulating accounting services, including those related to the audit and financial reporting of regulated financial services businesses. The FSA sets the accounting (and other) requirements for regulatory reporting purposes and can require regulated businesses to obtain an auditors report on certain matters (such as compliance with client money rules) or to commission special reports. The FSA has no role in setting accounting or auditing requirements for general purpose financial reporting. Although FSA reporting rules generally follow the principles established in accounting standards, it is not required to do so and on occasions the regulatory reporting requirements will differ from financial reporting standards.


    113. Discuss briefly the legal requirements with respect to monitoring and enforcement by the regulatory authority of accounting and auditing standards that apply to the banks and similar financial institutions:
      The FSA monitors and enforces regulatory reporting requirements. It has no role in monitoring or enforcing financial reporting or auditing standards. The mechanisms for this in the UK are set out elsewhere in this response.


    114. Briefly describe the role of the regulatory authority as it relates to the following:
    1. regulation of the audit profession

      None

    2. accounting and auditing standard-setting

      None

    3. review of financial statements prepared by listed entities

      The FSA may review audited financial statements of regulated bodies as part of its overall supervision of banks. The purpose of this review would be to assess compliance with FSA rules, rather than monitoring of compliance with accounting standards. UK.

    4. enforcement of accounting, reporting and auditing requirements

      FSA responsibility is limited to regulatory reporting. It has a range of enforcement tools available against regulated financial services businesses and individuals within those businesses. These include fines, suspension of licenses and criminal prosecution.



    Section 10E -- Non-Banking Financial Institutions Regulatory Authority


    115. Name the regulatory authority(ies) responsible for monitoring compliance with and enforcing accounting, reporting and auditing requirements imposed on non-banking institutions.
      Financial Services Authority. See Section 10D for description of FSA responsibilities.


    116. What is the source of Legal authority of the regulatory authority(ies)?
      Non-governmental organization established by Financial Services and Markets Act 2000. FSA has a series of high level principles supported by detailed rules. These rules are enacted by Statutory Instrument, which have the status of secondary legislation thereby providing legal authority.


    117. Briefly describe the role of the regulatory authority(ies) as it relates to the following:
    1. regulation of the audit profession

      None

    2. accounting and auditing standard-setting

      None

    3. review of financial statements prepared by listed entities

      The FSA may review audited financial statements of regulated bodies as part of its overall supervision of banks. The purpose of this review would be to assess compliance with FSA rules, rather than monitoring of compliance with accounting standards.

    4. enforcement of accounting, reporting and auditing requirements

      FSA responsibility is limited to regulatory reporting. It has a range of enforcement tools available against regulated financial services businesses and individuals within those businesses. These include fines, suspension of licenses and criminal prosecution.



    Section 10F -- Insurance Companies Regulatory Authority


    118. Name the regulatory authority responsible for monitoring compliance with and enforcing accounting, reporting and auditing requirements imposed on insurance companies.
      Financial Services Authority. See Section 10D for description of FSA responsibilities.


    119. What is the source of Legal authority of the regulatory authority(ies)?
      Non-governmental organisation established by Financial Services and Markets Act 2000. FSA has a series of high level principles supported by detailed rules. These rules are enacted by Statutory Instrument, which have the status of secondary legislation thereby providing legal authority.


    120. Briefly describe the role of the regulatory authority(ies) as it relates to the following
    1. regulation of the audit profession

      None

    2. accounting and auditing standard-setting

      None

    3. review of financial statements prepared by listed listed entities

      The FSA may review audited financial statements of regulated bodies as part of its overall supervision of banks. The purpose of this review would be to assess compliance with FSA rules, rather than monitoring of compliance with accounting standards.

    4. enforcement of accounting, reporting and auditing requirements

      FSA responsibility is limited to regulatory reporting. It has a range of enforcement tools available against regulated financial services businesses and individuals within those businesses. These include fines, suspension of licenses and criminal prosecution.



    Section 10G -- Other Regulatory Authority


    121. Name any other regulatory authority(ies) responsible for monitoring compliance with and enforcing accounting, reporting and auditing requirements.
      (1) The accountancy bodies (not including IFA)
      (2) The Financial Reporting Council and its subsidiaries


    122. What is the source of Legal authority of each regulatory authority?
      The Department for Business Enterprise and Regulatory Reform (BERR) delegates power under the Companies Act 2006 to the Professional Oversight Board which in turn recognises and supervises the Recognised Supervisory Bodies who license and monitor auditors.


    123. Briefly describe the role of the regulatory authority(ies) as it relates to the following
    1. regulation of the audit profession

      (1) The RSBs register auditors to carry out statutory audits (statutory audits in the UK can only be carried out by registered audit firms). The registered audit firms must comply with audit regulations set by the RSBs, who monitor audit work carried out. The RSBs also assess the outcome of the monitoring reviews and where necessary impose regulatory and if necessary disciplinary penalties.

      Responsibility for monitoring audits of listed and certain other entities was transferred to the Audit Inspection Unit in 2004, a part of the independent oversight framework. The RSBs assess and act upon the outcome of the AIU visits.

      2) The Professional Oversight Board (POB, a subsidiary of the FRC) provides: a) independent oversight of the regulation of the auditing profession by the recognised supervisory and qualifying bodies;
      b) monitoring of the quality of the auditing function in relation to economically significant entities;
      c) independent oversight of the regulation of the accountancy profession by the professional accountancy bodies.


    2. accounting and auditing standard-setting

      (1) No formal responsibility: all accounting and auditing standards are set by parts of the independent oversight framework. However, the accountancy bodies do issue guidance on matters not covered by standards and these are generally accepted as best practice.

      (2) The Accounting Standards Board (ASB, a subsidiary of the FRC) is responsible for issuing accounting standards and is recognised for that
      purpose under the Companies Act 2006. The ASB also collaborates with accounting standard-setters from other countries and the International Accounting Standards Board (IASB) both in order to influence the development of international standards and in order to ensure that its standards are developed with due regard to international developments.

      The Auditing Practices Board (APB, a subsidiary of the FRC) is responsible for leading the development of auditing practice in the
      United Kingdom and the Republic of Ireland so as to:


    3. review of financial statements prepared by listed listed entities

      (1) No responsibility: all review work is undertaken by parts of the independent oversight framework and the Financial Services Authority
      (see 10 A).

      (2) The Financial Reporting Review Panel (FRRP, a subsidiary of the FRC) considers whether the annual accounts of public companies and large
      private companies comply with the requirements of the Companies Act 2006 including applicable accounting standards.

      The FRRP can ask directors to explain apparent departures from the accounting requirements. If the FRRP is not satisfied by the directors' explanations it aims to persuade them to adopt a more appropriate accounting treatment. The directors may then voluntarily withdraw their
      accounts and replace them with revised accounts that correct the matters in error. Depending on the circumstances, the FRRP may accept another
      form of remedial action - for example, correction of the comparative figures in the next set of annual financial statements. Failing voluntary correction, the FRRP can exercise its powers to secure the necessary revision of the original accounts through a court order.


    4. enforcement of accounting, reporting and auditing requirements

      (1) As noted in a. above, the RSBs have a regulatory role in respect of registered audit firms, consider the outcomes of monitoring visits and impose regulatory or disciplinary penalties, in accordance with the terms of the registration.

      While the accountancy bodies do not have direct responsibility for enforcing accounting and auditing standards, all accountancy bodies have
      disciplinary powers over their members as part of their charters and will investigate complaints and if necessary impose penalties. Failure to follow relevant standards would generally constitute a failure to follow the ethical or technical standards expected of a member and
      result in action.

      (2) The Accountancy and Actuarial Discipline Board (AADB, a subsidiary of the FRC) has taken over the function of the Joint Disciplinary Scheme.

      The remit of the AADB covers members and member firms of participating bodies where a matter raises, or appears to raise, important issues affecting the public interest in the UK. Other cases will continue to be dealt with by the individual accountancy body of the member concerned. The channel for referrals to the AADB for such matters will, as for the JDS, be by the Investigation Committee of a participating accountancy body that has members who appear to be concerned in the matter to be referred. However, the AADB also has the power to call in matters (as defined above), after consultation with those participants whose members are involved in the matter, which have not been referred to it by any of the participants. The bodies subject to the AADB are ICAEW, ICAS,ICIA, ACCA, CIMA, and CIPFA.

      The FRRP and FSA also have an enforcement role in respect of public interest companies and listed entities respectively.



    Section 10H -- Quality Assurance


    124. Does any organization of professional accountants/auditors organize a program of quality assurance review to monitor compliance with accounting, reporting and auditing requirements?
      Yes   No

      If NO, proceed to next Section.

      If YES, briefly describe the monitoring and enforcement mechanism.

      Each Recognised Supervisory Body (RSB) has arrangements for monitoring compliance of the audit firms/auditors that they register with audit regulations, which include compliance with the Auditing Standards and thereby with accounting and reporting requirements. Monitoring of the audits of those entities whose activities have the greatest potential to impact on financial and economic stability is now undertaken by the Audit Inspection Unit, which is part of the Professional Oversight Board.



    125. Under what authority does the organization conduct the program of quality assurance review?
      The RSB conducts their monitoring of audit firms under the authority that derives from their status as RSBs.


    126. Who performs the review (e.g., one firm reviewing another firm, staff from the national professional organization, contractors, or a combination of these)?
      The RSBs carry out their audit monitoring functions using their own specialist audit inspection staff. Similarly the AIU has its own inspection staff.



    Section 10 I -- Investigation and Discipline


    127. Is there a process for investigating and disciplining the accounting profession in your country?

    128. Which of the following best describes the responsibility for the investigatory and disciplinary function in your country?
      Government or other agencies are solely responsible for this function.
      Government or other agencies have this responsibility, but the member body or bodies participate in the process.
      Government formally delegates this function to the member body or bodies, to exercise on its behalf.
      Member body or bodies have separate and independent processes that operate alongside processes of legal authorities.
      Other (please explain)


    129. Please indicate the name of the body or bodies responsible for investigation and discipline.
      Each accountancy body is responsible for dealing with complaints against its own members. For the CCAB bodies (i.e. not the IFA) the Accountancy and Actuarial Discipline Board will deal with certain complaints. See 123d.


    Responses to the remaining questions in this Section are required if your organization has responsibility for investigation and disciplinary actions.

    130. How many voting members does the body have?
      The IFA's investigation and disciplinary arrangements are described in our application.


    131. Are the members of the body involved on a voluntary basis or employed by the standard-setting body?
      Voluntary  
      Employed  
      Both - Please describe: As 130 above.


    132. What are the criteria considered in selecting members of the body (e.g., best person for the job, sector of the profession, private and public members, academic, geographical representation, etc.)?
      The committees are made up of members and lay people who have the relevant experience to sit on 'disciplinary' committees. Full details are included in our submission documentation.


    133. Who appoints these members (e.g., member body, government, user, regulator, etc.)?
      The Technical Consultant in cooperation with the Principal Officer, Membership & Compliance. They form a panel from whom choices are made and there is no definitive time limit.


    134. What is the term of appointment for members?
      Year(s)


    135. For how many years has the body been in existence?
      91 Year(s)


    136. Please indicate the budget in US$ of the body for the last fiscal year.
      Note: Please enter a whole number using commas (e.g., 4,000,000)

      18,000

      Please enter the exchange rate used to calculate this number.

      Note: Please enter a decimal amount (e.g., 4.0027)

      1.98 (specify currency)



    137. To what entity is the body accountable?
      Council


    138. Approximately how many days per year does the body meet in full session (including teleconferences)?
      4 Day(s)



     

     

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