TITLE

Is this the end of self-regulation?

AUTHOR(S)
Irvine, Julia
PUB. DATE
February 1994
SOURCE
Accountancy;Feb1994, Vol. 113 Issue 1206, p24
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
This article examines the British Court of Appeal's decision on December 21, 1993 regarding the move made by accounting firm Price Waterhouse (PW) to defer the Joint Disciplinary Scheme (JDS) from investigating its role as auditor to the Bank of Credit and Commerce International (BCCI). An observer noted that the implications of this judgment are extraordinary because they do not apply just to the audit, they apply to all aspects of professional conduct. The decision also affects not only accountants but to all professional bodies. PW is keen to point out that its decision to apply to the High Court for judicial review was not taken because it was angered by the JDS inquiry. The JDS believes that if it were to defer the PW inquiry, it would effectively be abdicating the function of the Institute of Chartered Accountants in England and Wales as the principal regulator of auditors, and it would be failing to deal with the public concern aroused by the BCCI audit. It disagrees with the Appeal Court's view that by sending in the Joint Monitoring Unit to inspect the PW audit and quality control procedures, and receiving a clean report, the public interest issue has been settled. If the JDS application for leave to appeal is granted, the JDS will ask for the case to be expedited.
ACCESSION #
9504171350

 

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