The Chartered Institute of Management
Accountants (CIMA) withdrew its membership of the Consultative
Committee of Accountancy Bodies (CCAB) over a dispute on the
proportion of fees it pays to the UK audit regulator Financial
Reporting Council (FRC).
As CIMA’s membership does not comprise
auditors, CIMA believes it should not contribute as much as it
currently does to be a member of the CCAB. Part of the CCAB’s
membership fees are redistributed to the FRC.
The management accountancy body has proposed
the CCAB enter into a binding arbitration over fees paid to the FRC
but this proposal was rebutted by other CCAB members, which
includes the Institute of Chartered Accountants in England and
Wales, Institute of Chartered Accountants of Scotland, Chartered
Accountants Ireland, Association of Chartered Certified Accountants
and the Chartered Institute of Public Finance and Accountancy.
“CIMA has been paying a significant amount of
money every year, essentially in support of the audit profession;
money which should be focused on management accountancy, how it
benefits the public, and the interests of our members and
students,” CIMA said.
CIMA said this does not mean it will not
continue to support the FRC but a new funding arrangement would
need to be developed that CIMA found more “equitable”.
The CCAB refused to comment on CIMA’s argument
for leaving the CCAB.
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