10 September 2004
Audit Commission chief executive Steve Bundred believes CIPFA's proposed merger would help restore public confidence in the profession following a series of scandals.
Bundred believes a merger with the Institute of Chartered Accountants in England and Wales and the Chartered Institute of Management Accountants would also boost the popularity of the profession by ensuring it appears 'consolidated and proactive'.
Speaking to Public Finance this week, he said: 'I'm speaking both in my role at the Audit Commission and as a CIPFA member. The profession has been fragmented in this country for many years now and I've always supported proposals to bring it together.
'It seems to me that a united profession will deliver a stronger profession, able to deliver greater benefits to users of accountancy, those who rely on good financial management — like the Audit Commission — and members.'
Bundred is conscious that accountancy globally is still tainted by scandals such as Enron, and he sees consolidation as a means of showing that such dark days are behind the profession — and that the UK exhibits one of the strongest professional setups internationally.
'There are more practical benefits,' he added. 'The use of different accounting practices across the profession would become less common.
'It's only recently that central government, for example, moved from accounting on a cost basis to accruals — that's an illustration of the kind of problems that existed. Central government still uses some different accounting practices to local government.'
PFsep2004
