Regulation
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.
Financial Reporting Council
The Financial Reporting Council (FRC) promotes high standards of corporate governance through the UK Corporate Governance Code, and encourages engagement between investors and Boards through the Stewardship Code.
It sets standards for corporate reporting, audit and actuarial practice and monitors and enforces accounting and auditing standards.
The FRC also oversees the regulatory activities of the actuarial profession and the professional accountancy bodies and operates independent enforcement arrangements for public interest cases involving accountants and actuaries.
Irish Auditing and Accounting Supervisory Authority
The Irish Auditing and Accounting Supervisory Authority (IAASA) regulates the profession in the Republic of Ireland.
IAASA’S mission is to contribute to Ireland having a strong regulatory environment in which to do business by supervising and promoting high quality financial reporting, auditing and effective regulation of the accounting profession in the public interest