Implementing the SRG Recommendations - A Progress Report
Author: John Greely
Members will be aware that earlier this year Council considered the Report of the Strategic Review Group accepting most of the recommendations made. One proposal, however, proved more controversial. In considering whether to establish a Separate Regulatory Entity with responsibility for regulation (and discipline) it became clear that there was a difference
of views.
Some Council members believed the proposed new entity would free the Institute from the perceived tensions between its regulatory and representational roles while others argued that the proposal did not recognise the extent to which the Institute had made progress on regulatory and disciplinary issues in recent years and that it flew in the face of legislative changes in both the Ireland and the UK.
With strong feelings evident on both sides, my predecessor Terence O'Rourke asked a small working group to develop new proposals adhering to the underlying principles of the SRG recommendation whilst addressing Council's concerns. The working group's conclusions were presented to Council last May and were accepted without amendment.
So, bearing in mind the SRG recommendation that the Institute
- should be proactive in representing members by establishing itself as a credible, influential and acknowledged contributor to the broader business and public agenda; and
- should win, instil and sustain public confidence in the quality, transparency and independence of its regulatory functions
the first phase of implementation has begun with the creation - through re-structuring - of two departments:
- The Professional Standards Department (Director, Heather Briers) will incorporate the former Professional Conduct Department thus amalgamating all regulatory functions into one Department
- The Representation and Technical Policy Department (Director, Aidan Lambe) will take responsibility for coordinating the Institute's efforts in representing your interests with standard setters, Government, and others. It will also be responsible for promoting the Institute as the leading business voice in Ireland thus further enhancing the brand.
This is only start. The next and most innovative step will be for the Institute to establish a new Independent Regulatory Board to which it will delegate its regulatory functions.
We are confident that our proposals will maintain and enhance
the status and standing of the CA qualification (the 'Brand') while at the same time sustaining our underlying fundamental ethos of serving the public interest.
Your Council believes that these proposals are positive for the Institute, its members and the public. We are working on developing the necessary Bye-laws and Regulations for your approval and we will keep you informed as these develop.
CPD CHANGES
Another important issue for 2006 is the impact of International Standards, which amongst other things, require changes to our recording and monitoring of CPD from January 2006.
Council has already approved the introduction of an output based approach to CPD, that should ultimately allow greater flexibility for members.
The appointment of Michael McDonnell as our new Director of Lifelong Learning underscores the Institute's commitment to supporting the professional and career development of members.
We will be telling you more about these developments over the coming months as things evolve. In the meantime I am grateful, on behalf of Council, for your support as we move forward in these important areas.
John P Greely FCA
President