ACCA Accorded the Regulator Status for Services of Conciliation
Firms and members who form the ACCA clients and who have now exhausted the process of internal complaints will now be able to seek assistance through ACCA’S service of conciliation. The Institute of Chartered Trading Standards has given ACCA a go ahead to become that regulator where clients can turn to if the firms or members regulated by ACCA fail to resolve their complaints.
Since October 2015, firms or member regulated by ACCA will be expected to direct their clients towards the World body of professional accountants who will make an evaluation of the complaint for its conciliation suitability.
The ACCA’s assessment head Jo Vlahos said that they have produced a guideline for members on how these matters should be correctly handled. For ACCA, there are new obligations concerning accountability to the Institute of Chartered Trading Standards. There is a new lead regulator in ACCA which demands reporting on annual basis and accessibility of ACCA through audit visits.
According to Jo Vlahos, there has been a great deal of work that has been undertaken in order to achieve this authorization. Currently, necessary changes are being implemented to the processes and liaising with national officers in order to ensure that members are accorded adequate guidance.
ACCA achieved the regulator status following the dispute resolution of the EU alternative directive which came into being earlier during the year.
ACCA is abbreviation for ‘Association Of Chartered Certified Accountants’; a worldwide body for accounting professionals. It offers first choice business relevant qualifications to people of ability, application and ambition across the globe who are seeking a rewarding career in finance, accountancy, management and finance.
Since its foundation in 1904, ACCA has over the years held unique opportunities, core values, innovation, accountability and integrity. It brings that in every stage of development, accountants offer value to economies and seek in developing capacity in the accountancy profession together with the adoption of standards globally. The core values of ACCA are aligned to the employers’ needs across all sectors and through its various qualifications, accountants are prepared for business. ACCA seeks in opening up people of any background to the profession and continues to remove artificial barriers.