09-21-2004, 08:55 PM
there are a number of questions which needs answering. I think two are of prime importance.
its a fact that ICEAW is the largest body, it has achieved tremendous success in terms of professional standards, education & Training and so on and so forth. The question is, if ICAEW has been so successful over all these years, why is it so that they are now aligning themselves with two smaller bodies. The equation works out to say, ICAEW members are likely to dilute their prestige, CIMA members will gain a bit and CIPFA will gain a lot. So one needs to ascertain as to why this is happening, what are the driving forces behind this?
I think though ICEAW has been successful historically, competition lies ahead. The competition is of different nature, requires a global approach or at least a Europe wide approach, requires loads and loads and loads of resources and I suspect ICAEW is not geared up for such a situation. Loads of resources are needed for services ranging from increased compliance costs to international tax, accounting, auditing and business services developments. Mind you the introduction of AIDB (Accountancy investigation and disciplinary borard) will mean that all professional bodies members will be subject to the same level of roasting. All this requires systems to be put in place. in order to put these systems in place you need resources and where will they come from? so a strategic alliance is the possible answer (it has always been)
The second thing is will it happen now? I think its a very close call. CIPFA and CIMA membership are likely to approve. ICAEW members might not. but again ICAWW council might take the same stance which they took on practice review, when the practice review was voted out by members a number of times the council said, ok enough is enough; if members donât agree this time we are going to impose it because it now poses a image problem for the institute as institute was the only body without such a scheme. I personally think it will happen but probably at a later stage.
Thanks
<u>Final note</u> I was speaking to one of my friends who happens to be a partner in a relatively bigger firm, he is ACCA but I think all other partners are ICAWE and they are monitored by ICAEW. He joked by saying âsoon ICAEW will be taken over by ACCA and we will call their members A-ACCA ( Assistant â Associate Chartered Certified Accountants) he is a real funny character.
its a fact that ICEAW is the largest body, it has achieved tremendous success in terms of professional standards, education & Training and so on and so forth. The question is, if ICAEW has been so successful over all these years, why is it so that they are now aligning themselves with two smaller bodies. The equation works out to say, ICAEW members are likely to dilute their prestige, CIMA members will gain a bit and CIPFA will gain a lot. So one needs to ascertain as to why this is happening, what are the driving forces behind this?
I think though ICEAW has been successful historically, competition lies ahead. The competition is of different nature, requires a global approach or at least a Europe wide approach, requires loads and loads and loads of resources and I suspect ICAEW is not geared up for such a situation. Loads of resources are needed for services ranging from increased compliance costs to international tax, accounting, auditing and business services developments. Mind you the introduction of AIDB (Accountancy investigation and disciplinary borard) will mean that all professional bodies members will be subject to the same level of roasting. All this requires systems to be put in place. in order to put these systems in place you need resources and where will they come from? so a strategic alliance is the possible answer (it has always been)
The second thing is will it happen now? I think its a very close call. CIPFA and CIMA membership are likely to approve. ICAEW members might not. but again ICAWW council might take the same stance which they took on practice review, when the practice review was voted out by members a number of times the council said, ok enough is enough; if members donât agree this time we are going to impose it because it now poses a image problem for the institute as institute was the only body without such a scheme. I personally think it will happen but probably at a later stage.
Thanks
<u>Final note</u> I was speaking to one of my friends who happens to be a partner in a relatively bigger firm, he is ACCA but I think all other partners are ICAWE and they are monitored by ICAEW. He joked by saying âsoon ICAEW will be taken over by ACCA and we will call their members A-ACCA ( Assistant â Associate Chartered Certified Accountants) he is a real funny character.