The Chartered Institute of Management Accountants (CIMA) is to withdraw from the Consultative Committee of Accountancy Bodies (CCAB) after 36 years.
The institute has announced it is quitting the UK professional bodies’ committee so that it can focus its resources on areas where they have the largest benefits for members and students .
“CIMA’s agenda is to develop and support the role of financially qualified business leaders who work in organisations around the world. Therefore the CCAB, with its emphasis on audit, has diminishing relevance for the institute,” it said in a statement.
Robin Vaughan, CIMA’s executive director for governance and professional standards, commented: “CIMA sees the UK’s Financial Reporting Council (FRC) as the independent statutory regulator for the sector and plans to play an active role in both the FRC and International Federation of Accountants (IFAC) to pursue its strategic, global ambitions where relevant to our stakeholders.”
The CCAB is an umbrella organisation that groups together the Institute of Chartered Accountants in England and Wales (ICAEW), Institute of Chartered Accountants of Scotland (ICAS), Association of Chartered Certified Accountants (ACCA), Chartered Institute of Public Finance and Accountancy (CIPFA) and Chartered Accountants Ireland .
It describes itself as a “forum in which matters affecting the profession as a whole can be discussed and co-ordinated”.