CIPFA - Development Strategy Update 2003-2007 - A Positive Influence Within the Accountancy Profession

A Positive Influence Within the Accountancy Profession

The Challenges

CIPFA is one of the six chartered bodies which collectively make up the Consultative Committee of Accountancy Bodies (CCAB) - in effect the accountancy profession in the UK and the Republic of Ireland. The profession now operates within a new regulatory framework, introduced in 2002, led by the Accountancy Foundation. On one hand it must support and help to smooth the implementation of these important new arrangements, and on the other it must stand back and respect the independence of the process.

But the challenges facing the CCAB are not limited to these developments at home. They must also engage and work to be influential in relation to international trends and developments in the profession, including the increasing momentum towards global accounting standards and the production of Whole-of-Government Accounts. Overridingly CCAB must address the crisis of confidence facing the profession internationally following recent high profile corporate failures in the USA.

CIPFA must play a full part within CCAB in its response to these developments, and at the same time it must also consider and seek to develop its own position and influence on the international stage.

Where do we want to be in 2007?

One of the seven hallmarks which the Council wish to cultivate in relation to the future CIPFA is particularly relevant to its role as part of the accountancy profession:

Hallmark (4) Influential in the Profession

An Institute which is acknowledged to be a significant influence within the Consultative Committee of Accountancy Bodies in the UK and the Republic of Ireland, and internationally.

Our Strategy

The key components of our strategy to make CIPFA A Positive Influence within the Accountancy Profession are:

to secure a position of influence and play an important role in shaping international views on public sector accounting, audit, education and ethical standards and governance arrangements
to develop, implement and continuously review and improve a strong international strategy for CIPFA;
to promote a debate about CPD through the CCAB and its member bodies;
to encourage and, where appropriate, make a distinctive contribution to other collaborative initiatives between CCAB members including addressing the important issues raised by recent corporate failures in the USA;
to support the work of Government and the Financial Reporting Council and its constituent Boards to develop and embed an effective, independent regulatory framework for the profession.

Progress to Date

Since the development strategy's launch in March 2001, the Institute's work under hallmark 4 has included:

development and approval of a new international strategy;
completion of a three year strategic grant agreement with the Department for International Development which will assist the Institute to develop a stronger international profile particularly in relation to developing countries;
development of new International Certificate and Diploma qualifications in Public Sector Accounting and Audit;
raising the profile of the CPD debate within the CCAB;
publication of research concerning the relevance and applicability of features of the public audit model to some of the issues and questions arising from recent corporate failures in the USA.

Ongoing and New Initiatives

The detailed action plans which form part of this development strategy outline a number of initiatives which aim to strengthen the accountancy profession and CIPFA's position within it. They include:

supporting the implementation of new regulatory arrangements for the accountancy profession which aim to ensure that decision making within the profession is guided by a strong public interest perspective, and ensuring that CIPFA and its members' own conduct and arrangements conform to these high standards;
making a distinctive contribution to the debates within the accountancy profession and more widely concerning the important issues arising from recent corporate failures in the USA;
driving forward CIPFA's international strategy including playing a full role in the profession's international 'umbrella bodies', entering into strategic partnership arrangements with other organisations where appropriate and striving to play a leadership role on public service issues.