Aims
The Accountancy & Actuarial Discipline Board contributes to the achievement of the Financial Reporting Council's own fundamental aim of supporting investor, market and public confidence in the financial and governance stewardship of listed and other entities by:
- Safeguarding the public interest by maintaining and enhancing the standards of conduct of members and member firms of the accountancy and actuarial professions, as represented by the participating members of the Consultative Committee of Accountancy Bodies (the Participants) and by the Faculty & Institute of Actuaries;
- Providing a demonstrably fair, independent and expert system for investigating and, where appropriate, hearing significant public interest disciplinary cases;
- Proceeding expeditiously with a view to sanctions being imposed on those found guilty of misconduct, including removal of their eligibility to audit;
- Seeking to deter future acts of misconduct through its work.
Objectives
- Operating an independent investigation and discipline Scheme
- for the investigation of cases, involving members and/or member firms of the Participants, which raise or appear to raise serious issues affecting the public interest in the United Kingdom;
- for bringing appropriate disciplinary proceedings against those whose conduct appears to fall short of the standard reasonably to be expected of a member or member firm and, where appropriate, to impose penalties.
- Keeping under review the working of the Schemes and the supporting Regulations to ensure that they are operating effectively.
- Regular, high profile publicity for the Board's activities and achievements.
Operating Guidelines
In carrying out its work the Board will
- Establish and maintain Scheme operating procedures which take account of best practice, are fair, timely and efficient and which command professional and public confidence;
- Take cost-benefit considerations fully into account;
- Follow best practice in its own governance, deploy resources cost effectively and liaise with the Council's other Boards to promote and benefit from operational synergies wherever possible.
