Keeping the Woolf from your door. By Philip Turnbull | AccountingWEB

Keeping the Woolf from your door. By Philip Turnbull

Philip Turnbull, Chief Executive of the Association of International Accountants (AIA), takes a look at the Woolf Report following the corruption allegations surrounding BAE Systems and considers the implications for companies, the UK and the worldwide accounting profession.

Lord Woolf, the former Lord Chief Justice, described the alleged improprieties involving Britains’ biggest defence company, BAE, as having ‘damaged the global reputation of this country’.


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let's hear from Hutton

Anonymous | | Permalink

An interesting article in the Telegraph this week talks about the points Mr Turnbull raises about BAE.
John Hutton has said that Britain will win more exports if we are seen to adopt high standards of ethical behaviour, and I think that is the only way forward- I know I wouldn’t want to do business with someone who was not honest. He does not however outline his plan to make British business more ethical, only saying “I will do all that I can to ensure that collectively this outstanding industry, an industry that led the world last year is free from corruption” so I would like to hear what his plan is to move this country forward.

If the Woolf is already at your door, what happens?

Bil Loh | | Permalink


I like it - the Woolf Report. It sure points out clearly, crystal clear indeed about the "implication for companies, the UK and worldwide accounting profession".

The other attractive phrases are :

- "transparency and god corporate governance"
- "good governance and ethical practice"
- "those who profited from consulting on defence deals"
- "a review of the ‘ethical and reputational’ risks"
- "transparent financial reporting"
- "placed stringent duties on directors"

A big and often repeated phrase found in papers which can be sum up as - SOX compliance.

Since the above are mentioned, can Philip tell us how befitting is AIA in comparison to other professional accounting bodies are to those phrases, eg transparent financial reporting (how many AIA auditors there are in UK, report on the AIA's evaluation of its qualification by the MIA, why AIA's growth is not seen in UK - this point should exclude direct admission and mergers, how many new and existing members, new and existing students in UK, application to IFAC and its sponsoring body).

I strongly opine that if a professional body is 'quality and standard compliance', just as in SOX COMPLIANCE, I am sure this professional body will be world-wide recognised and accepted by employers of all walks of life.