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ACCA has published its annual report on regulation 2024 which describes the key work of the regulatory board – supported by the appointments, qualifications and standards boards – in overseeing ACCA’s regulatory arrangements.
In its annual report the board stated that it is mindful of its “vital part” to play in ensuring ACCA’s qualifications, ethical standards, licensing, continuing professional development, monitoring and disciplinary processes are robust, transparent and proportionate and in the public interest.
The board has also been abreast of key developments both in the UK and the wider global environment and the impact on the ever-evolving regulatory landscape.
In 2023 the board has paid particular attention to the updated proposals regarding the transition of FRC (Financial Reporting Council) to ARGA (Audit, Reporting and Governance Authority), played a key role in scrutinising the regulatory arrangements for ACCA’s recently awarded professional accounting body status by IRBA (The Independent Regulatory Board for Auditors) in South Africa, and undertook horizon scanning to ensure actions taken by ACCA mitigate potential regulatory risks.
Lucy Winskell, chair of the regulatory board, said: “The board is conscious that it plays a critical role in safeguarding the public interest and in delivering public value. The public interest oversight arrangements in place include a substantial level of lay involvement and remain a key differentiator and real strength in demonstrating that impartiality and public interest are at the fore.”
Maggie McGhee, executive director strategy and governance at ACCA, added: “Our purpose sets out the value we seek to create for society. And it starts with a bold statement: we’re a force for public good. Good governance is the absolute bedrock of this statement: never losing sight of our public value remit as we lead the profession forward.
“ACCA is committed to shaping the future of our profession and the regulatory environment that underpins it. We adopt a continuous improvement mindset when discharging our regulatory activities to ensure that we meet our statutory responsibilities and protect the public.”
