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PrintCIPFA Practice Assurance Scheme
Welcome to the home page of the CIPFA Practice Assurance Scheme
On 27 March 2007, Chief Executive Steve Freer, wrote to certain members regarding CIPFA’s proposal to introduce a Practice Assurance scheme from the beginning of 2008.
A copy of the letter can be downloaded by clicking here: PDF [50KB]
The letter explains that the Institute needs to implement a compliance structure for the new requirements under the Third EU Money Laundering Directive, which will be implemented in UK law at the end of 2007. The Directive will require all accountants who provide professional accountancy services to anybody other than their employers to be regulated, either by an approved professional body, or by HM Revenue and Customs. Failure to register with HMRC is expected to carry stiff penalties.
CIPFA’s proposed Practice Assurance scheme is also intended to provide independent assurance that those CPFAs who provide professional services (other than to their employers) meet prescribed quality standards. The scheme is intended both to regulate this group in order to comply with the new law, and to provide them with protection, should there be a complaint made by a client or other interested party.
Over the next few months, detailed design of the scheme will continue, and guidance material will be posted on this site. This online resource will deal not only with the operation of the scheme, but will also involve practical materials, for example on the subject of compliance with the money laundering regulations.
Enabling Bye-Law changes are planned to go before the Institute in June for final approval, with application forms planned for despatch in late summer. We will be writing to members again between now and the issue of the application forms with updates with on the key developments.
If you think these proposals may affect you and you have not received a letter, please send an e-mail with your contact details and current professional activities to the dedicated e-mail address practiceassurance@cipfa.org.
Practice Assurance News from Spreadsheet
- Calling all members [August 2007]
- Update on Practice Assurance [June 2007]
- Do you need to know about the Practice assurance scheme? [April 2007]