WHY ACCA IS GOING NOWHERE
ACCA has been milking its students and members for years. It provides poor
support and services. For example, despite the pledges in the royal charter,
there is no library for members or students.
ACCA's members should be concerned about the future of the Association
. Here are TEN reasons:
ACCA is not the master
of its own destiny as many of the factors are beyond its control.
- Dictatorial management
and an emasculated council means that good policies are rarely debated,
developed or discussed. Most council members are like sheep, just led by
a few grandees. There is little transparency about the way ACCA is governed
though there is plenty of 'spin' and gloss. There is little worthwhile information.
For example, ACCA has been quick to talk about how it sued or is suing other
accountancy bodies, but is silent on the legal action against it in
India. AABA first broke the news about earlier lawsuit in Malaysia.
- Little or no recognition
of ACCA qualification in Australia, North America and South Africa. As a
result, ACCA qualification is not portable. The word 'chartered' cannot gloss
over the major problems of image, content, substance, mickey-mouse syllabus,
and could not care less attitude about services to members.
- The centralised management
structure continues to alienate members in the Far east and in the not too
distant future they are likely to separate.
- As developing countries
develop their own education and social infrastructure, the number of students
and members would dry up, dealing a major blow to ACCA's finances.
- ACCA's global strategy
(if there was such a thing) has run its course. ACCA now has a huge identity
problems. What is it - a UK body? Does it have a focus? Can it really be
a jack of all trades?
- In the UK ACCA will have
a tough time as its qualifications are not highly valued by major employers.
Relatively few senior industrial positions are held by ACCA members. The
most senior position at ACCA (chief executive) is not held by an ACCA member.
- ACCA has failed to develop
a niche market for its qualifications. It can't compete with the ICAEW,
ICAS and ICAI for the public sector market. It has been left behind by CIMA
for the corporate sector market. To hide its weaknesses, a few years ago
it made an unsuccessful takeover bid for CIMA's mantle. Today, the realities
are that if CIMA was to throw open its doors to ACCA members, a large number
of members in the corporate sector would leave because they get nothing for
their annual subscriptions. Given a choice large number of members in public
practice would also join other accountancy bodies.
- The raising of small company
audit threshold will mean that hardly any ACCA member in the UK would be
able to conduct audits of companies. ACCA would effectively be shut from
the audit market. There are currently probably no more than 1,000 ACCA practitioners
offering training to ACCA students. All that would collapse.
- Sooner of later the UK
government would introduce independent regulation of audit and insolvency.
ACCA has made a lot of its current regulator status in the PR hype and would
be cut down to size.
- If ACCA remains a regulator,
sooner or later it would need to devote financial resources to it
as the public would want a major audit failure (in which no ACCA member
may be involved) to be investigated. It does not have the financial strength
to deal with these problems.
Members should discuss these matters, but the key parts of council meetings
are closed. Council members can't be questioned. AGMs are a sham and there
is no dialogue. Members don't elect council members as they are effectively
appointed by officeholders who cast a large number of votes - so cronies
rule. Members could mobilise their local district societies to debate the
issues, but they too are centrally controlled and there is no internet forum
to discuss anything. How can members discuss 'what if' scenarios?