The professional rules are that 'true and fair' accounts should contain
adequate disclosures of all material matters. AABA has already highlighted
numerous deficiencies in the ACCA's 1999 accounts
|CLICK FOR MORE
ACCA EXPLOITS STUDENTS (28 Mar 2000)
AABA's inquiries reveal that during the financial year ended 31st December 1999, ACCA paid over £800,000 for an international marketing campaign. Insiders are tight-lipped about the success of this campaign. The annual accounts are silent on the reasons for the sudden curtailment of the campaign. Was the campaign not well thought through? Did the campaign fail to achieve its objectives, or was the ACCA in a poor financial position? Were there any 'conflicts of interests' in the award of the campaign.
ACCA runs a 'Register of Council Members' Interests'. However, there is nothing equivalent for the ACCA bureaucrats. In the absence of information, members can not discover whether any contracts have been awarded to the friends of the ACCA bureaucrats. It would be helpful to know who really had a say in the award of the above marketing contract and whether they had any links with the company securing the contract.
The ACCA's annual accounts show a surplus of only £179,000. By
any measure the amount spent on the marketing campaign is 'material'. Yet
the annual report provides no information.