2 March 2011
The Chartered Institute of Management Accountants has said it is to leave the Consultative Committee of Accountancy Bodies, citing the ‘diminishing relevance’ of membership of the umbrella body.
The CCAB comprises the six major accountancy bodies in the UK and Ireland and provides a forum to co-ordinate views on issues of interest to the accountancy profession as a whole.
But Cima said today that it wanted to withdraw from the CCAB in order to focus resources where they would have the largest benefit for its members and students.
A statement from the institute said: ‘Cima’s agenda is to develop and support the role of financially qualified business leaders who work in organisations around the world.
‘Therefore the CCAB, with its emphasis on audit, has diminishing relevance for the institute. Cima sees the UK’s Financial Reporting Council (FRC) as the independent statutory regulator for the sector and plans to play an active role in both the FRC and International Federation of Accountants (Ifac) to pursue its strategic global ambitions where relevant to our stakeholders.’
The five remaining members of CCAB said they had no plans to withdraw their membership.
In a joint statement, the institutes said: ‘The CCAB was created by the UK and Irish accountancy professional bodies in 1974 to provide a forum in which matters affecting the profession as a whole can be discussed and co-ordinated. It enables the profession to speak with a unified voice to government and regulators.
‘We believe that it is in the interest of business, the economy and public finance that there continues to be a need for such a forum. We will therefore work together to ensure the CCAB, of which we will remain as members, is the sole voice for the profession on those issue which affect our combined membership.’
Along with CIPFA, the remaining members of the CCAB are: the Institute of
Chartered Accountants in England and Wales; the Institute of Chartered
Accountants of Scotland; Chartered Accountants Ireland; and the Association of
Chartered Certified Accountants.