AADB Consults on Sanctions Guidance for Tribunals
The Accountancy and Actuarial Discipline Board, an operating body of the Financial Reporting Council (FRC), has published a consultation document on guidance it proposes to issue to AADB tribunals on determining sanctions in disciplinary cases under its Accountancy Scheme.
The Board considers that issuing sanctions guidance to AADB Tribunals is desirable for its responsibility to support AADB Tribunals which have commented in the past on the absence of guidance in this area; and guidance will help ensure that Tribunals take consistent account of the need for sanctions to be proportionate to the misconduct and all the circumstances of the particular case and to act as an appropriate deterrent to future misconduct.
The guidance includes proposals for calculating fines, which in some cases is likely to lead to higher fines than has been the case in the past. It is designed to promote clarity, accessibility and predictability for all parties.
Timothy Walker, AADB Chairman, said “The time is right for a genuine debate about the appropriate level of sanction for professional misconduct by accountants. This consultation document sets out the issues. We welcome comments from all concerned.”
Responses to the consultation are requested by 11th July 2012.