FIGHTING FRAUD

Fraud is an ever-evolving and increasing criminal threat to society. Every organisation is susceptible to fraud and cybercrime by criminals exploiting the current global crisis. No organisation can make itself completely immune to fraud but it can take steps to minimise the risks.

As part of our commitment to protecting the public interest, AIA signed the Fraud Pledge to show we work actively to prevent fraud, wherever it might occur in our organisation. We are also a signatory to the Joint Fraud Taskforce Accountancy Charter, a voluntary agreement between law enforcement, professional supervisory bodies and government.

Developed in conjunction with the Home Office, the charter has four main actions to be delivered in collaboration between the accountancy profession, government and law enforcement agencies.

Reforming Audit

The long anticipated Government response to proposals to restore trust in audit and corporate governance was published in May 2022. AIA welcomed the proposed extension of accountancy oversight where it supports the public interest and contributes to effective regulation, however we highlighted areas of concern which could lead to confusion in the market and a fall in standards.

We also expressed our view that an opportunity had been missed to protect the term 'accountant'.

We look forward to working with ARGA to deliver vital reform to safeguard the public and we will continue to support members with changes to the UK regulatory framework, including engaging with regulators on proposed amendments and highlighting the effect adjusting exemption provisions will have on SMPs.