Lord Wallace appointed to ICAS Regulation Board

The Institute of Chartered Accountants of Scotland (ICAS) has announced the appointment of The Right Hon, Jim Wallace, Lord Wallace of Tankerness PC QC to its Regulation Board.

Lord Wallace has held some of Scotland’s highest political offices: Deputy First Minister of Scotland, Advocate General for Scotland, Leader of the Scottish Liberal Democrats and Leader of the Liberal Democrats in the House of Lords.

The Regulation Board is the executive board established by ICAS for setting policy and procedure relating to the regulatory functions of ICAS (including investigation but not discipline).

The Regulation Board is responsible for the effective oversight of the Regulatory Committees, regulatory policy and the maintenance of professional standards of Members, CA Student Members, Affiliates and Firms.

Lord Wallace joins the Regulation Board as a Public Interest Member from March 2017, with a view to taking up post as Chair of the Regulation Board from December 2017 onwards.

Lord Wallace said: “My association with ICAS goes back to the 1990s, when I was the Institute’s Parliamentary Adviser, and I am delighted to be working with them again as a Public Interest Member of the Regulation Board.

“ICAS has a proud heritage of training leading lights of the accountancy profession and business world.

“As a member of the Regulation Board I will support ICAS in its aim to deliver a developmental regulatory regime that inspires public confidence, and equips members to remain at the forefront of the profession.”

ICAS Chief Executive, Anton Colella, said, “Lord Wallace’s appointment to the ICAS Regulation Board strengthens our work in the public interest.

“He is one of the most distinguished politicians in the country. He is a man of the utmost integrity, with a command of the law that will ensure the Regulation Board is held in the highest regard.

“I am sure the contribution that Lord Wallace will make to the work of ICAS will be hugely valuable and significant.”