Management Accountant

Tips in Career, Accounting, Blogging and Social Networking

November 27, 2008 • 6:26 am 0

ICAI signs MOU with ICAEW, UK

The ICAEW has Thursday 20 November signed a memorandum of understanding (MoU) with the Institute of Chartered Accountants in India (ICAI) which will establish closer working relations between the two bodies as well as new recognition arrangements for members.

CA. Ved Jain, President ICAI in his address remarked “This is a historic and a momentous occasion for the members of the ICAI and ICAEW. These are two largest accounting bodies with membership of over 150,000 & 130,000 respectively. The two Institutes have been following highest standards of professional education, training, technical & ethical standards. At this point of time, seeing the need of the hour, we have to make our profession recognized globally. The MoU entails coming together of two largest Accounting bodies working in tandem with each other to provide a synergy. This agreement would facilitate mobility of members across the borders and further strengthen the ties between India and United Kingdom (U.K.). Our mission is to make the next decade for accounting professionals. We look forward to working closely with each other and to collaborate further in the field of research & accounting.”

Commenting on the signing of the MoU, Michael Izza, ICAEW chief executive said:

“India has emerged as a significant player in the global economy. As a result of this agreement, members of the ICAEW will be able to work as chartered accountants within India. We also look forward to welcoming ICAI members to the ICAEW. Removing barriers for our members across markets through agreements such as this is an important part of our international strategy.”

Minimum Entry Requirements for ICAI member to join ICAEW

Members of the ICAI who have obtained membership by complying with its training and examinations requirements can become a member of the ICAEW. You must maintain ICAI membership to be eligible for ICAEW membership, and comply with our CPD obligations and Code of Ethics.

ICAI members must complete the ICAEW’s Technical Integration Business Reporting and Technical Integration Business Change papers, Case Study and Structured Training in Ethics programme.

If you have two years of appropriate work experience, you will not need to take the Technical Integration papers. Click here for details.

Route for ICAEW member to become member of ICAI

On the other hand, members of ICAEW who are trained in public practice will become eligible for ICAI membership subject to passing ICAI’s 4 no.s of examination papers for the special modules – Taxation; Law, Ethics & Communication; Information Technology & Strategic Management; and Auditing &Assurance. Click here for more details

Practice certificate

ICAEW practice certificate

Members of the ICAI who join the ICAEW will be eligible for an ICAEW practicing certificate on the same basis as ICAEW members.

General practice rights in India

Similarly, members of the ICAEW who join the ICAI will have general practice rights, excluding audit rights in India.

Professional Oversight Board

As part of the agreement, the ICAEW has also agreed to assist the ICAI in any representations made to the Professional Oversight Board to grant UK audit rights to ICAI members.

Which Qualification is Expensive ?

The entry requirement for an ICAI member to ICAEW, UK is very stringent and expensive as compared to other way round. See Applying for Credit for prior learning.

You may also like to read

Filed under: ICAEW, ICAI

• 6:26 am 0

ICAI signs MOU with ICAEW UK

The ICAEW has Thursday 20 November signed a memorandum of understanding (MoU) with the Institute of Chartered Accountants in India (ICAI) which will establish closer working relations between the two bodies as well as new recognition arrangements for members.

CA. Ved Jain, President ICAI in his address remarked “This is a historic and a momentous occasion for the members of the ICAI and ICAEW. These are two largest accounting bodies with membership of over 150,000 & 130,000 respectively. The two Institutes have been following highest standards of professional education, training, technical & ethical standards. At this point of time, seeing the need of the hour, we have to make our profession recognized globally. The MoU entails coming together of two largest Accounting bodies working in tandem with each other to provide a synergy. This agreement would facilitate mobility of members across the borders and further strengthen the ties between India and United Kingdom (U.K.). Our mission is to make the next decade for accounting professionals. We look forward to working closely with each other and to collaborate further in the field of research & accounting.”

Commenting on the signing of the MoU, Michael Izza, ICAEW chief executive said:

“India has emerged as a significant player in the global economy. As a result of this agreement, members of the ICAEW will be able to work as chartered accountants within India. We also look forward to welcoming ICAI members to the ICAEW. Removing barriers for our members across markets through agreements such as this is an important part of our international strategy.”

Minimum Entry Requirements for ICAI member to join ICAEW

Members of the ICAI who have obtained membership by complying with its training and examinations requirements can become a member of the ICAEW. You must maintain ICAI membership to be eligible for ICAEW membership, and comply with our CPD obligations and Code of Ethics.

ICAI members must complete the ICAEW’s Technical Integration Business Reporting and Technical Integration Business Change papers, Case Study and Structured Training in Ethics programme.

If you have two years of appropriate work experience, you will not need to take the Technical Integration papers. Click here for details.

Route for ICAEW member to become member of ICAI

On the other hand, members of ICAEW who are trained in public practice will become eligible for ICAI membership subject to passing ICAI’s 4 no.s of examination papers for the special modules – Taxation; Law, Ethics & Communication; Information Technology & Strategic Management; and Auditing &Assurance. Click here for more details

Practice certificate

ICAEW practice certificate

Members of the ICAI who join the ICAEW will be eligible for an ICAEW practicing certificate on the same basis as ICAEW members.

General practice rights in India

Similarly, members of the ICAEW who join the ICAI will have general practice rights, excluding audit rights in India.

Professional Oversight Board

As part of the agreement, the ICAEW has also agreed to assist the ICAI in any representations made to the Professional Oversight Board to grant UK audit rights to ICAI members.

Which Qualification is Expensive ?

The entry requirement for an ICAI member to ICAEW, UK is very stringent and expensive as compared to other way round. See Applying for Credit for prior learning.

You may also like to read

Filed under: ICAEW, ICAI

• 6:26 am 0

ICAI signs MOU with ICAEW UK

The ICAEW has Thursday 20 November signed a memorandum of understanding (MoU) with the Institute of Chartered Accountants in India (ICAI) which will establish closer working relations between the two bodies as well as new recognition arrangements for members.

CA. Ved Jain, President ICAI in his address remarked “This is a historic and a momentous occasion for the members of the ICAI and ICAEW. These are two largest accounting bodies with membership of over 150,000 & 130,000 respectively. The two Institutes have been following highest standards of professional education, training, technical & ethical standards. At this point of time, seeing the need of the hour, we have to make our profession recognized globally. The MoU entails coming together of two largest Accounting bodies working in tandem with each other to provide a synergy. This agreement would facilitate mobility of members across the borders and further strengthen the ties between India and United Kingdom (U.K.). Our mission is to make the next decade for accounting professionals. We look forward to working closely with each other and to collaborate further in the field of research & accounting.”

Commenting on the signing of the MoU, Michael Izza, ICAEW chief executive said:

“India has emerged as a significant player in the global economy. As a result of this agreement, members of the ICAEW will be able to work as chartered accountants within India. We also look forward to welcoming ICAI members to the ICAEW. Removing barriers for our members across markets through agreements such as this is an important part of our international strategy.”

Minimum Entry Requirements for ICAI member to join ICAEW

Members of the ICAI who have obtained membership by complying with its training and examinations requirements can become a member of the ICAEW. You must maintain ICAI membership to be eligible for ICAEW membership, and comply with our CPD obligations and Code of Ethics.

ICAI members must complete the ICAEW’s Technical Integration Business Reporting and Technical Integration Business Change papers, Case Study and Structured Training in Ethics programme.

If you have two years of appropriate work experience, you will not need to take the Technical Integration papers. Click here for details.

Route for ICAEW member to become member of ICAI

On the other hand, members of ICAEW who are trained in public practice will become eligible for ICAI membership subject to passing ICAI’s 4 no.s of examination papers for the special modules – Taxation; Law, Ethics & Communication; Information Technology & Strategic Management; and Auditing &Assurance. Click here for more details

Practice certificate

ICAEW practice certificate

Members of the ICAI who join the ICAEW will be eligible for an ICAEW practicing certificate on the same basis as ICAEW members.

General practice rights in India

Similarly, members of the ICAEW who join the ICAI will have general practice rights, excluding audit rights in India.

Professional Oversight Board

As part of the agreement, the ICAEW has also agreed to assist the ICAI in any representations made to the Professional Oversight Board to grant UK audit rights to ICAI members.

Which Qualification is Expensive ?

The entry requirement for an ICAI member to ICAEW, UK is very stringent and expensive as compared to other way round. See Applying for Credit for prior learning.

You may also like to read

Filed under: ICAEW, ICAI

October 20, 2008 • 8:39 pm 0

Are audited financial statements reliable

I am reading the article on the BBC website “Lehman Brothers Bank Collapse” dt 16-Sep-2008.

The company is an investment bank that specialises in big and complex deals and investments.
Despite this, Lehman’s collapse and the troubles of other financial institutions will probably be felt by millions of people around the world – at least indirectly.

Most of our banks and pension funds have dealings with Lehman, or with firms like hedge funds that traded extensively with Lehman.

Unwinding Lehman’s complex deals will take months if not years. During that time the global financial system will be snarled up. Many banks won’t know for sure how much they are exposed to Lehman, and will have difficulty freeing up the money in those deals.

This in turn is likely to intensify the credit crunch, with potentially dire consequences for businesses and consumers.

The other article “Three deadly sins of portfolio credit risk management” published in June 2002.

Three deadly sins lie in wait to wreak havoc on a portfolio: a disproportionate percentage of the portfolio in the low pass categories; emphasis on higher-risk types of lending; and concentrations that build in the portfolio with a small group of borrowers. Some banks commit multiple sins–aggressively underwriting individual loans to borrowers in higher-risk types of lending and taking large positions in those loans. How does your bank fare? Is it time to pass out the pitchforks?

Prem Sikka in his article “The Auditors have failed” in Guardian explains how the top audit firms had given a clean chit to the companies whose survival today is doubtful. Moreover the audit firms have charged an atrocious amount of fees for performing the job. The directors also had fat cheques to take home.

The question is

whether auditors should rely on management representation while commenting on true and fair view of the Balance Sheet ? Or do they have go further to investigate in the dealing to see whether they have any material impact on the financial statements ?

The reason for the fall of Lehman Brothers only became known when the bank collapsed. Who knows how many such caskets will opened to know the magnitude of damage. Should the auditors gone into the trail of the dealings to confirm the representations made by the management is correct !!!

Or to protect themselves from neglience, should the auditor insist on the management for an expert opinion in all aspect of the Balance Sheet. E.g.

Bad Debts Provision – Assessment from the legal department of the company
Brand value and goodwill – Expert opinion from valuerers
Fixed Assets – Report of the surveryor
so on and forth.

Just like how a jury relies on the experts opinions and finding on a case, should the auditor follow a similar trace. Top firms, I am sure, they should be following the convention. I don’t understand how does collapse of such magnitude is trigged every 4 years.

The other question that is raised frequently is the audit fees are exhorbitant. Big 4 firms audit more than 80% of the fortune 1000 companies in the world.

The question is will such auditors be impartial while auditing the companies ?

Regards,

Santosh Puthran

Do you like to be updated in Accountancy ?

Subscribe to Management Accountant by Email

Or

Subscribe in a reader

Visit MA Stores ? You will find something you are looking for ….

Management Accountant Store, US – Powered by Amazon
Management Accountant Store, UK Stores – Powered by Amazon, UK
Digital Store, US

You may also like to read

Filed under: ACCA, Auditing, ICAEW, Management Accountant

• 8:39 pm 0

Are audited financial statements reliable

I am reading the article on the BBC website “Lehman Brothers Bank Collapse” dt 16-Sep-2008.

The company is an investment bank that specialises in big and complex deals and investments.
Despite this, Lehman’s collapse and the troubles of other financial institutions will probably be felt by millions of people around the world – at least indirectly.

Most of our banks and pension funds have dealings with Lehman, or with firms like hedge funds that traded extensively with Lehman.

Unwinding Lehman’s complex deals will take months if not years. During that time the global financial system will be snarled up. Many banks won’t know for sure how much they are exposed to Lehman, and will have difficulty freeing up the money in those deals.

This in turn is likely to intensify the credit crunch, with potentially dire consequences for businesses and consumers.

The other article “Three deadly sins of portfolio credit risk management” published in June 2002.

Three deadly sins lie in wait to wreak havoc on a portfolio: a disproportionate percentage of the portfolio in the low pass categories; emphasis on higher-risk types of lending; and concentrations that build in the portfolio with a small group of borrowers. Some banks commit multiple sins–aggressively underwriting individual loans to borrowers in higher-risk types of lending and taking large positions in those loans. How does your bank fare? Is it time to pass out the pitchforks?

Prem Sikka in his article “The Auditors have failed” in Guardian explains how the top audit firms had given a clean chit to the companies whose survival today is doubtful. Moreover the audit firms have charged an atrocious amount of fees for performing the job. The directors also had fat cheques to take home.

The question is

whether auditors should rely on management representation while commenting on true and fair view of the Balance Sheet ? Or do they have go further to investigate in the dealing to see whether they have any material impact on the financial statements ?

The reason for the fall of Lehman Brothers only became known when the bank collapsed. Who knows how many such caskets will opened to know the magnitude of damage. Should the auditors gone into the trail of the dealings to confirm the representations made by the management is correct !!!

Or to protect themselves from neglience, should the auditor insist on the management for an expert opinion in all aspect of the Balance Sheet. E.g.

Bad Debts Provision – Assessment from the legal department of the company
Brand value and goodwill – Expert opinion from valuerers
Fixed Assets – Report of the surveryor
so on and forth.

Just like how a jury relies on the experts opinions and finding on a case, should the auditor follow a similar trace. Top firms, I am sure, they should be following the convention. I don’t understand how does collapse of such magnitude is trigged every 4 years.

The other question that is raised frequently is the audit fees are exhorbitant. Big 4 firms audit more than 80% of the fortune 1000 companies in the world.

The question is will such auditors be impartial while auditing the companies ?

Regards,

Santosh Puthran

Do you like to be updated in Accountancy ?

Subscribe to Management Accountant by Email

Or

Subscribe in a reader

Visit MA Stores ? You will find something you are looking for ….

Management Accountant Store, US – Powered by Amazon
Management Accountant Store, UK Stores – Powered by Amazon, UK
Digital Store, US

You may also like to read

Filed under: ACCA, Auditing, ICAEW, Management Accountant

October 5, 2008 • 8:21 pm 0

ICAEW, UK launches new qualification

ICAEW launches Certificate in Finance Accounting and Business Qualification

The Institute of Chartered Accountants in England and Wales (ICAEW) today launched a new stand alone business qualification, the Certificate in Finance Accounting and Business, intended to widen access to the profession both in the UK and internationally.

The Certificate in Finance Accounting and Business (CFAB) is aimed at aspiring finance professionals looking to undertake a rigorous, industry benchmarked qualification, as well as providing a staging post for those considering the full ACA.

Market research undertaken by the Institute identified that many already in business want to increase their career prospects with a grounding in finance and accounting.

CFAB is also aimed at those with the potential but not necessarily the academic or vocational experience to take ACA in its own right.

The qualification comprises six modules from the ACA professional stage – business and finance, management information, law, assurance and tax – with accounting at the core of the syllabus.

Click here to read more

ICAEW launches F-TEN

Are your future business leaders ready for the boardroom challenge? Will they take on that challenge within your organisation?

The ICAEW is launching its first peer to peer leadership network, the Financial Talent Executive Network (F-TEN). F-TEN is aimed at the next generation of finance leaders in business and practice helping employers to retain its best talent and to prepare them for the challenges faced at board-level.

Research carried out by McKinsey called “Starting up as CFO” in March 2008, shows a significant gap in expectation between the chief executive and a new arrival on the board. F-TEN aims to close this gap by exposing the future c-suite talent to board-room issues and encourage them to explore these challenges in a peer environment outside their immediate organisation.

F-TEN which is part of the new ICAEW Leadership Zone, will help potential future leaders transition from finance specialists to business leaders by bringing together high calibre professionals from across the FTSE 250, unlisted equivalent companies and top10 practices. They will participate in a programme based on a series of linked round-tables, workshops, peer learning groups and mentoring with senior non-executive directors from a FTSE company.

The 2008 ICAEW career benchmarking survey with Robert Half International shows that 30% of employers are not meeting the expectation of their employees. Over half surveyed do not have clear career objectives and professional development plans and 33% plan to move within the next 12-24 months. Destabilising facts for employers.

Click here to read more

Regards,

Santosh Puthran

Do you like to be updated in Accountancy ?

Subscribe to Management Accountant by Email

Or

Subscribe in a reader

Visit MA Stores ? You will find something you are looking for ….

Management Accountant Store, US – Powered by Amazon
Management Accountant Store, UK Stores – Powered by Amazon, UK
Digital Store, US

You may also like to read

Filed under: Career, ICAEW, Management Accountant

• 8:21 pm 0

ICAEW UK launches new qualification

ICAEW launches Certificate in Finance Accounting and Business Qualification

The Institute of Chartered Accountants in England and Wales (ICAEW) today launched a new stand alone business qualification, the Certificate in Finance Accounting and Business, intended to widen access to the profession both in the UK and internationally.

The Certificate in Finance Accounting and Business (CFAB) is aimed at aspiring finance professionals looking to undertake a rigorous, industry benchmarked qualification, as well as providing a staging post for those considering the full ACA.

Market research undertaken by the Institute identified that many already in business want to increase their career prospects with a grounding in finance and accounting.

CFAB is also aimed at those with the potential but not necessarily the academic or vocational experience to take ACA in its own right.

The qualification comprises six modules from the ACA professional stage – business and finance, management information, law, assurance and tax – with accounting at the core of the syllabus.

Click here to read more

ICAEW launches F-TEN

Are your future business leaders ready for the boardroom challenge? Will they take on that challenge within your organisation?

The ICAEW is launching its first peer to peer leadership network, the Financial Talent Executive Network (F-TEN). F-TEN is aimed at the next generation of finance leaders in business and practice helping employers to retain its best talent and to prepare them for the challenges faced at board-level.

Research carried out by McKinsey called “Starting up as CFO” in March 2008, shows a significant gap in expectation between the chief executive and a new arrival on the board. F-TEN aims to close this gap by exposing the future c-suite talent to board-room issues and encourage them to explore these challenges in a peer environment outside their immediate organisation.

F-TEN which is part of the new ICAEW Leadership Zone, will help potential future leaders transition from finance specialists to business leaders by bringing together high calibre professionals from across the FTSE 250, unlisted equivalent companies and top10 practices. They will participate in a programme based on a series of linked round-tables, workshops, peer learning groups and mentoring with senior non-executive directors from a FTSE company.

The 2008 ICAEW career benchmarking survey with Robert Half International shows that 30% of employers are not meeting the expectation of their employees. Over half surveyed do not have clear career objectives and professional development plans and 33% plan to move within the next 12-24 months. Destabilising facts for employers.

Click here to read more

Regards,

Santosh Puthran

Do you like to be updated in Accountancy ?

Subscribe to Management Accountant by Email

Or

Subscribe in a reader

Visit MA Stores ? You will find something you are looking for ….

Management Accountant Store, US – Powered by Amazon
Management Accountant Store, UK Stores – Powered by Amazon, UK
Digital Store, US

You may also like to read

Filed under: Career, ICAEW, Management Accountant

June 29, 2008 • 9:23 pm 0

Profession versus Professionalism

I was trying to analyze the definition of words Profession, Professional Body and Professionalism on www.reference.com. (These words are interchangeable used when the Accountants discuss among themselves.)

Profession:

A profession is an occupation, vocation or career where specialized knowledge of a subject, field, or science is applied. It is usually applied to occupations that involve prolonged academic training and a formal qualification. It is axiomatic that "professional activity involves systematic knowledge and proficiency." Professions are usually regulated by professional bodies that may set examinations of competence, act as a licensing authority for practitioners, and enforce adherence to an ethical code of practice.

Professional Body:

A professional body or professional organization, also known as a professional association or professional society, is an organization, usually non-profit, that exists to further a particular profession, to protect both the public interest and the interests of professionals. The balance between these two may be a matter of opinion. On the one hand, professional bodies may act to protect the public by maintaining and enforcing standards of training and ethics in their profession. On the other hand, they may also act like a cartel or a labor union (trade union) for the members of the profession, though this description is commonly rejected by the body concerned.

Many professional bodies perform professional certification to indicate a person possesses qualifications in the subject area, and sometimes membership in a professional body is synonymous with certification, but not always. Sometimes membership in a professional body is required for one to be legally able to practice the profession; see licensure.

Professionalism

Oxford Dictionary: the competence or skill expected of a professional.

Graham Ward in IFAC website: Professionalism, is about individual modes of behaviour that command respect and build trust. It is about excellence in service as measured by recognised standards.It is about delivering services or working to standards that meet the needs of and are expected by our clients.

Such behaviours are indeed a necessary part of belonging to a profession but almost any trade could be described as professional in these terms!

As any of us here knows, what separates the professionalism of members of a professional body from the behaviours of other types of so-named professionals, is the requirement to continually reinforce and demonstrate our professionalism, not merely assert it through a one-off qualification. And it is our membership of a professional body – one which embodies the distinguishing features I have defined – that confers on us the obligation to abide by professional standards and regulation.

It is therefore no longer enough for professions to say to the public ‘you must trust me’, today we must earn that trust and demonstrate: clearly, openly and often, why that trust should be given.

Source: Formula One Cars

Of the above three words, I had to search a lot on the word "Professionalism" to find a true meaning to suit accountancy profession. Members of accountancy profession will be normally be expected to take actions that contribute to the public interest.

The Principle of Professional Conduct on AICPA, US website summarizes Professionalism in a precise manner.

Section 51: These Principles of the Code of Professional Conduct of the American Institute of Certified Public Accountants express the profession’s recognition of its responsibilities to the public, to clients, and to colleagues. They guide members in the performance of their professional responsibilities and express the basic tenets of ethical and professional conduct. The Principles call for an unswerving commitment to honorable behavior, even at the sacrifice of personal advantage.

Section 52: In carrying out their responsibilities as professionals, members should
exercise sensitive professional and moral judgments in all their activities.

Section 53: Members should accept the obligation to act in a way that will serve the public interest, honor the public trust, and demonstrate commitment to professionalism.

Section 54: To maintain and broaden public confidence, members should perform
all professional responsibilities with the highest sense of integrity.

Section 55: A member should maintain objectivity and be free of conflicts of interest in discharging professional responsibilities. A member in public practice should be independent in fact and appearance when providing auditing and other attestation services.

Section 56: A member should observe the profession’s technical and ethical standards, strive continually to improve competence and the quality of services, and discharge professional responsibility to the best of the member’s ability.

Section 57: A member in public practice should observe the Principles of the Code of Professional Conduct in determining the scope and nature of services to be provided.

I would like to see your comments and views on this topic. Please feel free to comment on the blog post.

Regards,

Santosh Puthran

Join me

Do you like to be updated in Accountancy ?

Click here to get updates by Email in your inbox
Or
Subscribe in a reader

Visit MA Stores ? You will find something you are looking for ….

Management Accountant Store, US – Powered by Amazon
Management Accountant Store, UK Stores – Powered by Amazon, UK
Digital Store, US

You may also like to read

Source: British Superbike Practice

Subscribe to RSS Feeds and be up-to-date

Filed under: ACCA, CIMA, CMA, ICAEW, ICAI, ICSI, ICWAI

• 9:23 pm 0

Profession versus Professionalism

I was trying to analyze the definition of words Profession, Professional Body and Professionalism on www.reference.com. (These words are interchangeable used when the Accountants discuss among themselves.)

Profession:

A profession is an occupation, vocation or career where specialized knowledge of a subject, field, or science is applied. It is usually applied to occupations that involve prolonged academic training and a formal qualification. It is axiomatic that “professional activity involves systematic knowledge and proficiency.” Professions are usually regulated by professional bodies that may set examinations of competence, act as a licensing authority for practitioners, and enforce adherence to an ethical code of practice.

Professional Body:

A professional body or professional organization, also known as a professional association or professional society, is an organization, usually non-profit, that exists to further a particular profession, to protect both the public interest and the interests of professionals. The balance between these two may be a matter of opinion. On the one hand, professional bodies may act to protect the public by maintaining and enforcing standards of training and ethics in their profession. On the other hand, they may also act like a cartel or a labor union (trade union) for the members of the profession, though this description is commonly rejected by the body concerned.

Many professional bodies perform professional certification to indicate a person possesses qualifications in the subject area, and sometimes membership in a professional body is synonymous with certification, but not always. Sometimes membership in a professional body is required for one to be legally able to practice the profession; see licensure.

Professionalism

Oxford Dictionary: the competence or skill expected of a professional.

Graham Ward in IFAC website: Professionalism, is about individual modes of behaviour that command respect and build trust. It is about excellence in service as measured by recognised standards.It is about delivering services or working to standards that meet the needs of and are expected by our clients.

Such behaviours are indeed a necessary part of belonging to a profession but almost any trade could be described as professional in these terms!

As any of us here knows, what separates the professionalism of members of a professional body from the behaviours of other types of so-named professionals, is the requirement to continually reinforce and demonstrate our professionalism, not merely assert it through a one-off qualification. And it is our membership of a professional body – one which embodies the distinguishing features I have defined – that confers on us the obligation to abide by professional standards and regulation.

It is therefore no longer enough for professions to say to the public ‘you must trust me’, today we must earn that trust and demonstrate: clearly, openly and often, why that trust should be given.

Of the above three words, I had to search a lot on the word “Professionalism” to find a true meaning to suit accountancy profession. Members of accountancy profession will be normally be expected to take actions that contribute to the public interest.