AABA has learnt that ACCA chief executive has been obliged to tell the Minister for Corporate Affairs that during 1998 ACCA officeholders (mostly President) spent £34,000 on his travel. £12,000 was also spent on the travel of the accompanying spouse. Previously, ACCA Presidents have also been accompanied by persons who are not their wives.
An insider referred to the costs as "obscene" and said that "the travel is really an all expenses paid holiday. When did the Presidents ever show any gains from their extravagant expenditure?"
The travel costs are neither approved nor discussed by ACCA Council. ACCA's annual report remains silent on the 'travel costs' even though on previous occasions the chief executive has been obliged to inform the costs to the Privy Council. ACCA's annual accounts do not comply with the requirements of FRS 8 which relates to 'related party disclosures'.
Members are deliberately kept in the dark. There are no procedures for
lodging any complaints with ACCA. What moral authority can the Association
claim when it urges others to be more transparent?