Association of International Certified Professional Accountants–CIMA

The Financial Reporting Council (FRC) and the four Recognised Supervisory Bodies in the United Kingdom, ACCA, CAI, ICAEW, and ICAS, share responsibility for the quality assurance review system governing statutory audits in accordance with the Companies Act 2006 and the Statutory Auditors and Third Country Auditors Regulations 2016. The FRC continues to oversee audit regulation in the United Kingdom, and the Recognised Supervisory Bodies are responsible for functions including audit firm monitoring and related regulatory tasks.

CIMA does not have direct responsibility for the statutory audit quality assurance review system in the United Kingdom. Under the FRC’s non-statutory oversight arrangements for the accountancy profession, CIMA is one of the six chartered accountancy bodies whose regulation of members is overseen more broadly by the FRC beyond the statutory audit sphere.

Within the scope of its own regulatory responsibilities, CIMA maintains a framework for members in practice that includes practising certificate requirements, mandatory compliance requirements, anti-money laundering supervision, and licensing and monitoring arrangements. CIMA states that members in practice must apply for a practising certificate, comply with anti-money laundering requirements, and meet mandatory regulatory requirements as part of maintaining their status. CIMA also notes that all members working in practice must be supervised for anti-money laundering purposes.

CIMA reports that it supports members’ compliance through its Members’ Handbook, member in practice rules, anti-money laundering guidance, and related professional resources. It also provides continuing professional development resources for members and operates CPD monitoring processes to help maintain professional standards. These ongoing monitoring, guidance, and professional development arrangements support the maintenance and continuous improvement of CIMA’s quality-related regulatory framework for its members in practice.

Current Status: Sustain

Recognised Qualifying Bodies deliver the initial and continuing professional education requirements for statutory auditors in the United Kingdom. The Financial Reporting Council maintains oversight of these arrangements and has cooperation agreements with the principal professional accountancy bodies in the jurisdiction, including ACCA, the Chartered Institute of Management Accountants, the Chartered Institute of Public Finance and Accountancy, ICAEW, CAI, and ICAS, as well as the Association of International Accountants, in relation to oversight of initial professional development and continuing professional development requirements for professional accountants.

Several of these organizations, including ACCA, CAI, ICAEW, ICAS, CIPFA, AAT, the Chartered Institute of Management Accountants, and the Institute of Financial Accountants, are members of IFAC and indicate that their professional accountancy qualification programs align with the International Education Standards issued by the International Accounting Education Standards Board.

CIMA maintains an education framework designed to develop professional competence for management accountants. The CIMA Professional Qualification and related programs are based on a competency framework that defines the knowledge, skills, and professional attributes required of management accounting professionals. The syllabus and examination structure are reviewed and updated periodically to reflect developments in business, finance, technology, and the global regulatory environment.

CIMA supports members’ compliance with continuing professional development requirements through its Professional Development Cycle, which requires members to assess their learning needs, undertake relevant development activities, and maintain records of their professional development. Members have access to a range of CPD resources including technical guidance, learning tools, online content, webinars, publications, and professional events.

CIMA also provides online learning resources and professional support platforms for students and members, including forums, technical articles, and professional updates. CIMA reports that it monitors compliance with CPD requirements through periodic review processes and provides guidance and communications to help members understand and meet their professional development obligations.

Current Status: Sustain

The Financial Reporting Council is the authorized body for setting auditing standards in the United Kingdom in accordance with the Companies Act 2006 and the Statutory Auditors (Amendment of Companies Act 2006 and Delegation of Functions etc.) Order 2012 (SI 2012/1741). Financial statement audits in the jurisdiction are conducted in accordance with International Standards on Auditing (UK) issued by the Financial Reporting Council. ISA (UK) are based on the International Standards on Auditing issued by the International Auditing and Assurance Standards Board and incorporate additional requirements reflecting United Kingdom company law and regulatory requirements.

CIMA does not have direct responsibility for the adoption or implementation of auditing standards in the United Kingdom and its members typically work in business, finance, and management roles rather than performing statutory audits. Nevertheless, CIMA supports awareness and understanding of auditing and assurance developments by disseminating information on relevant standards and regulatory developments to its members.

CIMA communicates developments related to auditing and assurance standards through professional communications, technical resources, and member publications. The institute also provides opportunities for members to engage in discussions on professional issues through its professional communities and online platforms.

CIMA participates in the international standard-setting process by sharing exposure drafts and developments issued by the International Auditing and Assurance Standards Board with its members and by submitting comments on consultations where relevant to the interests of management accountants and finance professionals.

Current Status: Sustain

In accordance with their charters and by-laws, professional accountancy organizations in the United Kingdom are authorized to establish ethical requirements for their members.

Professional accountancy organizations in the jurisdiction indicate that they have adopted the International Code of Ethics for Professional Accountants (including International Independence Standards) issued by the International Ethics Standards Board for Accountants and maintain processes to review and incorporate new and amended requirements issued by the IESBA where they are not in conflict with national laws and regulations.

CIMA maintains a Code of Ethics and related professional conduct requirements that are based on the International Code of Ethics issued by the IESBA. The institute supports members’ compliance with ethical requirements through a range of guidance materials and professional resources.

CIMA promotes ethical awareness among members and students through publications, online resources, and professional learning tools designed to support ethical decision making. These resources include ethics guidance materials, professional development modules, and advisory services to assist members in addressing ethical challenges in practice.

CIMA also collaborates with other professional organizations and stakeholders to promote ethical conduct within the profession and to contribute to research and thought leadership related to ethics in management accounting. In addition, the institute participates in the international standard-setting process by disseminating IESBA exposure drafts and updates to members and by submitting comments on consultations where appropriate.

Current Status: Sustain

HM Treasury is responsible for developing accounting policies and standards for central government financial statements in the United Kingdom. The Chartered Institute of Public Finance and Accountancy and the Local Authority (Scotland) Accounts Advisory Committee work together through the CIPFA/LASAAC Local Authority Code Board to establish accounting standards for local government bodies in the United Kingdom. The Code of Practice on Local Authority Accounting is primarily based on UK-adopted International Financial Reporting Standards and draws on International Public Sector Accounting Standards and Financial Reporting Standards issued by the Financial Reporting Council.

CIMA does not have direct responsibility for the adoption of public sector accounting standards in the United Kingdom. Nevertheless, the institute supports the implementation of high-quality public financial management practices by disseminating information on developments in public sector accounting standards to its members and students through professional communications, publications, and online resources.

CIMA also engages with the public sector through research, professional guidance, and initiatives aimed at strengthening finance professionalism and performance management in public sector organizations. These activities support the development of finance capabilities among professionals working in government and public sector entities.

In addition, CIMA monitors developments issued by the International Public Sector Accounting Standards Board and communicates relevant updates and exposure drafts to its members. Where appropriate, the institute contributes to international consultations related to public sector accounting standards.

Current Status: Sustain

In accordance with their charters and by-laws, professional accountancy organizations in the United Kingdom are authorized to establish systems of investigation and discipline for their members in cases of noncompliance with applicable professional standards and ethical requirements. Professional accountancy organizations in the jurisdiction, including AAT, the Chartered Institute of Management Accountants, the Chartered Institute of Public Finance and Accountancy, and the Institute of Financial Accountants, report that they operate investigation and disciplinary systems aligned with the requirements of SMO 6. The Financial Reporting Council maintains oversight arrangements with the principal professional bodies in relation to aspects of the regulation of their members.

CIMA maintains a disciplinary framework designed to address allegations of misconduct by members and registered students. Complaints are investigated in accordance with the institute’s regulations and procedures, and cases may be referred to disciplinary committees where appropriate.

CIMA reports that its disciplinary regulations and procedures are reviewed periodically to ensure they remain effective and aligned with applicable regulatory expectations and SMO 6 requirements. Guidance materials describing the investigation process, disciplinary procedures, sanctions framework, and appeals process are publicly available to members and other stakeholders.

CIMA also raises awareness among members and students of professional conduct and disciplinary requirements through professional communications, guidance materials, and updates to its regulations. Outcomes of disciplinary proceedings are published where appropriate to support transparency and accountability.

Current Status: Sustain

The financial reporting framework in the United Kingdom is established within the context of the Companies Act 2006. The Financial Reporting Council is responsible for developing and issuing UK accounting standards, while the United Kingdom Endorsement Board is responsible for endorsing International Financial Reporting Standards for use in the United Kingdom.

UK-adopted IFRS are required to be applied in the consolidated financial statements of parent companies whose securities are admitted to trading on a regulated market. Other entities may apply UK-adopted IFRS or Financial Reporting Standards issued by the Financial Reporting Council depending on their size, legal form, and reporting requirements. These Financial Reporting Standards are broadly based on the IFRS for SMEs with modifications reflecting the United Kingdom legal and reporting environment.

CIMA does not have direct responsibility for the adoption of financial reporting standards in the United Kingdom. Nevertheless, the institute supports awareness and implementation of international financial reporting standards by disseminating information on IFRS developments to its members and students through professional communications, publications, and learning resources.

CIMA also participates in the international standard-setting process by communicating updates and exposure drafts issued by the International Accounting Standards Board to its members and by submitting comments to consultations where relevant to the interests of management accountants and finance professionals.

Current Status: Sustain