A Review of the New CPA Bye Laws 法律论文代写

Individuals will note that the Bye 法律论文代写 which were adopted in May 2010 have undergone somewhat of a facelift and rewrite, and that much of the duplication which previously existed between Bye Laws and the Articles of Association has now been removed with the deletion of old Bye laws 1, 2 and 3.

A new Bye Law 2 has been introduced but this will have little or no impact on the everyday requirements of the membership, rather this will impact on some of the Council business and has the effect of ring fencing the nomination of appointment onto various Institute Committees and as Institute representative on to external joint committees as a function and remit of a new committee, the Nominating Committee.

The Nominating Committee is made up of the President, Vice Presidents and two Council members. Recommendations made by this Committee will be considered by Council, and may be adopted. The work conducted and the recommendations made by this committee should have the effect of streamlining council business.

Old Bye Law 4, Committees, has become Bye Law 3 in the most recent edition, and several of the sections within it have been reorganised, however there is little of substance which will have any consequence to members in general. Requirements in relation to the period of service on a committee, and of the quorum requirements have been removed, however it is likely that these functions will be established within the scope and committee procedures which will be established and laid down by the Nominating Committee for each committee.

The Bye Law in respect of Membership requirements (now BL 5) has been much reduced in length to reflect the streamlining and the reduction the duplication of information which was both Articles and in Bye Laws. This is also the case in respect of Bye Law 10 Regional Societies, Bye Law 11 Postal Voting, with Bye Law 12, Students, being amended to reflect the new syllabus details as well as training requirements and admission to membership. In addition to this there has been provision added for the creation of a Student Appeals Committee and for the creation and operation of an Academic Advisory Board.

The introduction of a new Bye Law 4, Client Money is a significant addition, setting out specific requirements on how a firm must treat and account for this type of money going forward, as well as imposing specific administrative requirements.

A firm which holds general clients money will be required to introduce and implement procedures to ensure that client money is dealt with appropriately. These procedures include;

Ensuring that client money accounts are set up which are separate from the firms own account, and that these are interest bearing accounts under trust status. Banks are to provide acknowledgement of the trust status; Records must be kept in a detailed enough fashion to show transactions into and out of these accounts;

Client instructions must be kept where payments are made to third parties which provide supporting reasons of why the payment was made; Firms must be able to identify how much is held for each client and be able to reconcile to each account and each client; Receipts will now be required to be issued to each client from whom a firm receives client money, the details are similar to S30 receipts issued under the Investment Intermediaries Act;

A written agreement must be in place with the client on the treatment of any interest before money is accepted from them. This information is to be kept for the period that money is kept or the account is open and for 6 years after the account has been closed;

On an annual basis and at the firms accounting year end a summary must be prepared which shows opening and closing balances, the total of payments in and out of each client money account and if there is more than one General Client Money account, a summary of the total of all reconciled balances on all client accounts, including the actual number of accounts and the number of clients on behalf of which money is held.

The existing Bye law in relation to Discipline has been substantially changed in both content and process. The first change to be noted is that a complaint must be made in a prescribed format, and to facilitate this, the Institute has introduced a form which must be completed and submitted to the Secretary of the Institute. This form can be found on the website.

The Secretary is required to deal with any complaint in a specific manner and the detail of that procedure is outlined. The Bye Law has been amended and the result is to widen the power of the Secretary who now has additional powers; As an aside a failure to respond to a complaint within a specified time period will result in the matter being referred automatically to the Investigation Committee.

Therefore it is now vitally important that should a member or firm receive a request from the Secretary to respond to allegations of a complaint, this must be done adequately and promptly both initially and throughout the process as failure to do so is now deemed as a prima facia case of misconduct in itself with an automatic referral into the disciplinary process as a matter to be considered by the Investigation Committee.

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