Your really could not make this up. I received this mail in the last half hour from the Institute of Chartered Accountants in England and Wales:
So on the day that it is announced that there is to be an investigation into KPMG's failure in auditing Carillion the ICAEW admits that it has, for the very first time, noticed there might be a 'broader ecosystem of stakeholders beyond shareholders and investors'. Then it hopelessly incorrectly defines the challenge this represents by thinking it is an issue for the profession to consider.
I stress, I have no problem with the people they have asked to contribute their first two blogs, although I know neither. But I will tell you that the best thinking on these issues is being done by people I know and none, as far as I know, have been approached to contribute to this debate.
Unless the ICAEW admits that much of the existing framework of accounting may be fundamentally wrong it is the problem in this arena. And it has not done that as yet. Welcome to another whitewash, I suspect.
They know my number. They know all those I talk to on these issues as well. We'll wait for the call.
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You and I didn’t get to be as rich as we are by being agreeable, but on this I find myself agreeing with everything you said being worded.
One of the most exciting things about Blair and New Labour that I remember was the idea of stakeholder capitalism being raised early on in their tenure. Had Will Hutton mentioned it too?
However, it was introduced to a fanfare of criticism and disengagement and quietly (too quietly) went away again. I’d love to see a system of stakeholder ship taken up.
That was Will’s idea
I think he ended up feeling sued by Blair
Rather like I felt used by Corbyn
I have found an ICAEW handbook for 1998. It says: “The accountancy profession’s public consists of clients, providers of credit, governments, employers, employees, investors, the business and financial community, and others who rely on the objectivity and integrity of professional accountants to contribute towards the orderly function of commerce. This reliance imposes a public interest responsibility on the accountancy profession.” Doesn’t this suggest that it has always been in the minds of the accountancy profession?
Words and actions are I think the point that’s important
“Words and actions are I think the point that’s important”
I think you covered that 🙂
“Unless the ICAEW admits that much of the existing framework of accounting may be fundamentally wrong it is the problem in this arena. And it has not done that as yet. Welcome to another whitewash, I suspect.”
Having said that…. we’ve got a nice graphic element depicting some cute ducks, so maybe this indicates a new and radical approach to the subject….
Ni, I’m inclined to doubt that too 🙂
They look too much like ducks in a fairground shooting gallery.