ICAS ICAS logo

Quicklinks

  1. About Us

    Find out about who we are and what we do here at ICAS.

  2. Find a CA

    Search our directory of individual CAs and Member organisations by name, location and professional criteria.

  3. CA Magazine

    View the latest issues of the dedicated magazine for ICAS Chartered Accountants.

  4. Contact Us

    Get in touch with ICAS by phone, email or post, with dedicated contacts for Members, Students and firms.

Login
  • Annual renewal
  • About us
  • Contact us
  • Find a CA
  1. About us
    1. Governance
  2. Members
    1. Become a member
    2. Newly qualified
    3. Manage my membership
    4. Benefits of membership
    5. Careers support
    6. Mentoring
    7. CA Wellbeing
    8. More for Members
    9. Area networks
    10. International communities
    11. Get involved
    12. Top Young CAs
    13. Career breaks
    14. ICAS podcast
    15. Newly admitted members 2022
    16. Newly admitted members 2023
  3. CA Students
    1. Student information
    2. Student resources
    3. Learning requirements
    4. Learning updates
    5. Learning blog
    6. Totum Pro | Student discount card
    7. CA Student wellbeing
  4. Become a CA
    1. How to become a CA
    2. Routes to becoming a CA
    3. CA Stories
    4. Find a training agreement
    5. Why become a CA
    6. Qualification information
    7. University exemptions
  5. Employers
    1. Become an Authorised Training Office
    2. Resources for Authorised Training Offices
    3. Professional entry
    4. Apprenticeships
  6. Find a CA
  7. ICAS events
    1. CA Summit
  8. CA magazine
  9. Insight
    1. Finance + Trust
    2. Finance + Technology
    3. Finance + EDI
    4. Finance + Mental Fitness
    5. Finance + Leadership
    6. Finance + Sustainability
  10. Professional resources
    1. Anti-money laundering
    2. Audit and assurance
    3. Brexit
    4. Business and governance
    5. Charities
    6. Coronavirus
    7. Corporate and financial reporting
    8. Cyber security
    9. Ethics
    10. Insolvency
    11. ICAS Research
    12. Pensions
    13. Practice
    14. Public sector
    15. Sustainability
    16. Tax
  11. CPD - professional development
    1. CPD courses and qualifications
    2. CPD news and updates
    3. CPD support and advice
  12. Regulation
    1. Complaints and sanctions
    2. Regulatory authorisations
    3. Guidance and help sheets
    4. Regulatory monitoring
  13. CA jobs
    1. CA jobs partner: Rutherford Cross
    2. Resources for your job search
    3. Advertise with CA jobs
    4. Hays | A Trusted ICAS CA Jobs Partner
    5. Azets | What's your ambition?
  14. Work at ICAS
    1. Business centres
    2. Meet our team
    3. Benefits
    4. Vacancies
    5. Imagine your career at ICAS
  15. Contact us
    1. Technical and regulation queries
    2. ICAS logo request

It’s not just about audit reform. It is time to recalibrate the corporate ecosystem

  • LinkedIn (opens new window)
  • Twitter (opens new window)
Michelle Mullen By Michelle Mullen, ICAS Executive Director of Standards

5 February 2021

Members of the profession are well placed to support the aspirations of Government and the regulator to improve the corporate ecosystem.

As we await (at the time of writing) the publication of the BEIS consultation, ICAS has today issued a paper exploring how various recommendations from the reviews might be combined to deliver a tapestry of reform which will recalibrate the corporate ecosystem of UK Public Interest Entity companies (PIEs). This paper also sets out our thoughts on how ARGA can help rebuild public trust by encouraging higher standards of corporate governance, corporate reporting and audit.

From the outset ICAS called for a holistic review of corporate governance, corporate reporting and audit (“the corporate ecosystem”). External audit does not operate in a vacuum.  It forms part of the wider corporate governance and reporting framework that oversees large corporate entities.

The reviews undertaken by Sir John Kingman, Sir Donald Brydon and the CMA audit market study were commissioned out of sequence, and it is now widely acknowledged that the review into the quality and effectiveness of audit is where the holistic review process should have started. However, the passage of time has at least allowed Government, business and the profession to absorb the key recommendations. We can start to see how they might knit together (and arguably not all of them do), and where the combination of only certain of the proposed reforms might be enough, for now, to help recalibrate the corporate ecosystem. We all want a regulatory environment which not only protects the interests of investors and the wider public, but also ensures the United Kingdom provides global business with a regulatory environment that is proportionate and respected.

ARGA has the potential to become a globally respected improvement regulator. It can help address the audit expectation gap and raise audit quality. It can also help tackle the directors expectation gap, in terms of the public’s understanding of what directors are responsible for, and hold them accountable.

This is also a call to members of the profession to become forces for change in their own organisations. Chartered Accountants play a strong role in the corporate governance, stewardship, reporting and audit of PIEs. The cumulative effect of their influence can help reinforce the importance of ethics at the core of business practices, and a more responsible and holistic approach to business.

ICAS believes that the profession is well placed to support the aspirations of Government and the regulator. We recognise that changes need to be made, and we all need to make a stronger commitment to support the future of corporate reporting and audit. We have a common ambition of delivering enhanced public trust in business and the profession, and an improved corporate ecosystem. In other words, we all want to see ARGA succeed. Whilst the FRC leadership has been charged in the meantime with the implementation of a number of reforms that do not require primary legislation, it is very important that ARGA can build and be given the keys to its new house.

CA Agenda trust tile

Placing audit reform at the top of the agenda

By Michelle Mullen, ICAS Executive Director of Standards

31 August 2020

Sir Donald Brydon

Interview: Sir Donald Brydon on the future of audit

By Christian Koch, CA magazine

27 February 2020

2023-03-MarksElectrical 2023-03-MarksElectrical
ICAS logo

Footer links

  • Contact us
  • Terms and conditions
  • Modern slavery statement
  • Privacy notice
  • CA magazine

Connect with ICAS

  • Facebook (opens new window) Facebook Icon
  • Twitter (opens new window) Twitter Icon
  • LinkedIn (opens new window) LinkedIn Icon
  • Instagram (opens new window) Instagram Icon

ICAS is a member of the following bodies

  • Consultative Committee of Accountancy Bodies (opens new window) Consultative Committee of Accountancy Bodies logo
  • Chartered Accountants Worldwide (opens new window) Chartered Accountants Worldwide logo
  • Global Accounting Alliance (opens new window) Global Accounting Alliance
  • International Federation of Accountants (opens new window) IFAC
  • Access Accountancy (opens new window) Access Acountancy

Charities

  • ICAS Foundation (opens new window) ICAS Foundation
  • SCABA (opens new window) scaba

Accreditations

  • ISO 9001 - RGB (opens new window)
© ICAS 2022

The mark and designation “CA” is a registered trade mark of The Institute of Chartered Accountants of Scotland (ICAS), and is available for use in the UK and EU only to members of ICAS. If you are not a member of ICAS, you should not use the “CA” mark and designation in the UK or EU in relation to accountancy, tax or insolvency services. The mark and designation “Chartered Accountant” is a registered trade mark of ICAS, the Institute of Chartered Accountants of England and Wales and Chartered Accountants Ireland. If you are not a member of one of these organisations, you should not use the “Chartered Accountant” mark and designation in the UK or EU in relation to these services. Further restrictions on the use of these marks also apply where you are a member.

ICAS logo

Our cookie policy

ICAS.com uses cookies which are essential for our website to work. We would also like to use analytical cookies to help us improve our website and your user experience. Any data collected is anonymised. Please have a look at the further information in our cookie policy and confirm if you are happy for us to use analytical cookies: