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Lay members provide the key to rigorous oversight


10 Jul 2020


ACCA’s Regulatory Board relies on independent voices to protect the public interest

People from all walks of life are serving as champions of the public interest on ACCA’s crucial regulatory group.

Non-accountants now form a majority on the influential Regulatory Board, which oversees ACCA qualifications and exams, continuing professional development, compliance with legal and industry standards, as well as complaints and disciplinary matters.

The Board’s new chair is Lucy Winskell OBE, a lawyer by background and now pro vice -chancellor of Northumbria University, and chair of the North East England Chamber of Commerce.

Other lay members bring expertise from the worlds of broadcasting, criminal law, engineering, dentistry, the stage, the police and midwifery.

In ACCA’s Report on Regulation 2020, Ms Winskell said that lay members played a vital role in ACCA by bringing a breadth of experience and ensuring that the interests of the public remained central to its work.

She said: ‘We of course live in very unusual and challenging times where the regulatory landscape is fast moving and where the uncertainties and complexities have been compounded by the impact of the Covid-19 pandemic.

‘The Board has kept abreast of the extensive actions ACCA is taking to mitigate the impacts of Covid-19 on its regulatory arrangements, including the ACCA Qualification and examinations, with a view to safeguarding their integrity, rigour and security.’

Maggie McGhee ACCA’s executive director – governance said that the work of lay members was crucial in promoting ACCA’s status as a body that is trusted and respected by industry partners, political groups and the general public.

She said: ‘Our overall vision that we are seeking to achieve remains to be Number 1 in developing the accountancy profession the world needs. In response to the issues of trust in the profession and the responsibility organisations have for meeting wider societal needs, we have emphasised, through our purpose and our values, the importance of being seen to be a force for good.

‘Our commitment to regulatory excellence is global and we support regulatory developments across the many markets we are in. During 2019, ACCA provided support to other professional bodies and regulators in Afghanistan, Bangladesh, the Caribbean, China, Cyprus, Ethiopia, Kazakhstan, Kyrgyzstan, Myanmar, Pakistan and the Ukraine.’

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About ACCA: ACCA is the Association of Chartered Certified Accountants. We’re a thriving global community of 227,000 members and 544,000 future members based in 176 countries that upholds the highest professional and ethical values.

We believe that accountancy is a cornerstone profession of society that supports both public and private sectors. That’s why we’re committed to the development of a strong global accountancy profession and the many benefits that this brings to society and individuals.

Since 1904 being a force for public good has been embedded in our purpose. And because we’re a not-for-profit organisation, we build a sustainable global profession by re-investing our surplus to deliver member value and develop the profession for the next generation.

Through our world leading ACCA Qualification, we offer everyone everywhere the opportunity to experience a rewarding career in accountancy, finance and management. And using our respected research, we lead the profession by answering today’s questions and preparing us for tomorrow.

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