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ACCA's reputation rests on that of its members. The significance of the economic and financial information in explaining the financial performance of organisations means that the work of accountants is often in the public eye. Members in the financial reporting chain play a vital role in building credibility in financial systems. This is especially true of practising certificate holders who undertake work in the public interest such as the audit of limited companies and other public interest entities.

ACCA recognises that systems of regulation vary enormously around the world. In some countries ACCA regulates directly, whereas in others government or national bodies manage the process. ACCA is working with governments and regulators around the world, contributing to policies being developed and minimising the duplication of effort where monitoring and regulation are well established.

Regulation covers:

• the issue of licences to enable members to undertake specific types of work
• monitoring members' compliance with rules and standards and
• investigating complaints against members wherever they are based.

This report explains how ACCA ensures that all of its members, and particularly its practising certificate holders, follow appropriate ethical and technical standards. It also describes the additional processes that apply in situations where:

• ACCA is a statutory regulator
• ACCA’s practice quality assurance scheme, ACCA Quality Checked, is available
• ACCA is building partnerships with national professional or government bodies to deliver effective regulation
• ACCA provides monitoring and other services under contract to other regulators.

All members in public practice come within the scope of regulation and must comply with ACCA's Global Practising Regulations (GPRs). In countries where members are also regulated by a local professional or statutory body, ACCA is working closely with these bodies to ensure members are regulated appropriately. Through this collaboration, ACCA will avoid duplication and recognise the different business practices and market conditions that exist globally. However, all members must comply with their obligations under the GPRs and with ACCA's Code of Ethics and Conduct. As a member of the International Federation of Accountants (IFAC), ACCA and, where applicable, its regulatory processes comply with IFAC Statements of Membership Obligations (SMOs).

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