Tackling Economic Crime
CCAB launched its first Economic Crime Manifesto in 2016. Directed at Government, it highlights four key public policy areas for improvement of the effectiveness and capabilities of anti-money laundering (AML) in the UK.
CCAB believes that professionally trained and qualified accountants are part of the solution to tackling Economic Crime with a commitment to report any identified or suspected money laundering activity to the Financial Intelligence Unit within the National Crime Agency.
The Office for Professional Body Anti-Money Laundering Supervision (OPBAS) is the regulator specifically charged with overseeing the 22 accountancy and legal sector professional body supervisors (PBS) in their effectiveness in the supervision of their firms under the Money Laundering Regulations 2017. OPBAS does not directly supervise the firms.
Contribution of the Accountancy
CCAB has published a report, The Accountancy Profession in the UK and Ireland, prepared on our behalf by Oxford Economics.
The report seeks to demonstrate the value of accountants to both the UK and Irish economies in terms of commerce, number of members, number of accountancy firms, GDP contribution, employment, tax revenues and purchase and export of accounting services.
The report concludes that the accountancy profession plays a critical role in delivering important professional services to all sectors of the economy.
The CCAB bodies protect the public interest by making sure their firms, members and students maintain the highest standards of professional competency and conduct.
Each of the bodies has its own regulatory and disciplinary processes. Although the bodies may come together on matters of policy and common interest, CCAB does not have any role in the operational activities of the individual bodies.
The bodies are overseen in their public interest activities by the Financial Reporting Council (FRC) in the UK. The Irish Auditing and Accounting Supervisory Authority (IAASA) undertakes a similar role in the Republic of Ireland.
CCAB Ethics Group
The CCAB Ethics Group co-ordinates activities between the CCAB member bodies relating to ethical guidance and liaison with regulators and standard setters in respect of ethical issues. This includes:
- discussions with the Auditing Practices Board regarding auditor independence issues,
- application of the IESBA (International Ethics Standards Board for Accountants) requirement to apply its independence guidance to assurance engagements, and
- the implementation of the IESBA code of ethics.
CCAB has been designated the SORP making body on accounting by Limited Liability Partnerships (LLPs) and undertakes an annual review under the auspices of the Financial Reporting Council (FRC).
The underlying purpose of the SORP is to deal with issues that are specific to LLPs and ensure that, as far as possible, LLPs present financial statements that are comparable with those of other entities