THE ACCOUNTANTS' JOINT DISCIPLINARY SCHEME
| DOI | https://doi.org/10.1108/eb024790 |
| Published date | 01 March 1993 |
| Date | 01 March 1993 |
| Pages | 22-30 |
| Author | Michael S. Chance |
| Subject Matter | Accounting & finance |
THE ACCOUNTANTS' JOINT DISCIPLINARY SCHEME
Received: 19th July, 1993
MICHAEL S. CHANCE
MICHAEL
S. CHANCE
IS
EXECUTIVE
COUNSEL
TO THE
JOINT
DISCIPLINARY
SCHEME
AND A
BOARD
MEMBER
OF JOURNAL OF FINANCIAL REGULATION AND
COMPLIANCE
ABSTRACT
After
setting out
the
background,
authority
and
objectives
of the
Accountants'
Joint
Disciplinary
Scheme,
the author
examines
the
considerable
changes made to it in
January 1993.
INTRODUCTION
The Joint Disciplinary Scheme was
established in 1979 by the Institute
of Chartered Accountants in
England and Wales, the Institute of
Chartered Accountants of Scotland
and the Chartered Association of
Certified Accountants. In the
Scheme and in this paper those
three bodies are referred to as 'the
Participants'. The Scheme is one of
the many examples of self-regulation
to satisfy a statutory need for effec-
tive controls in the commercial,
Financial and professional areas.
Though the Scheme is not new, the
timing of this paper is prompted by
considerable recent changes.
BACKGROUND
Many accountants are involved in
professional practice. Many others
are engaged in the world of business
in many different ways. All are
amenable to the disciplinary
machinery of their professional
bodies. Those who are members of
the Participants are also amenable to
the disciplinary machinery under the
Scheme, again irrespective of
whether they are engaged in profes-
sional practice or in business.
Various bodies have statutory
obligations to produce audited
accounts. Building societies, friendly
societies, firms operating in the
financial services sector and practis
ing solicitors are random examples.
But the auditing of company
accounts pursuant to the Companies
Act 1985 represents a large propor-
tion of the work undertaken by
accountants and the great majority
of cases referred to the Joint Disci-
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