Chartered Institute of Management Accountants

17 October 2006

Brian Walsh, FCMA, has been elected onto the FRC’s (Financial Reporting Council) new Market Participants Group.

The Market Participants Group has been created to provide advice to the FRC and, in particular, to identify and assess possible actions to mitigate the risks created by the dominance of the Big Four audit firms.

During the consultation period for the Market Participants Group, it was established that representatives for the group would need to belong to a cross-section of stakeholder groups – not just the audit profession.

Charles Tilley, Chief Executive, CIMA, said:
“I am pleased to hear that Brian Walsh, a fellow member of CIMA, has been elected onto the Market Participants Group as he will be able to provide the perspective of the user of the audit report. In the UK, the Big Four accountancy firms provide audit services to 93% of listed companies, and this needs to be addressed in a timely and representative manner”.

Brian’s career has spanned a diversity of roles in the UK and US. In 1987 he became Finance Director of GKN plc and subsequently Group FD and Vice Chairman of TI Group plc. Brian was appointed to the Board of Nationwide Building Society in 2000 and recently retired from his position of Deputy Chairman.

 ENDS

For further information, please contact:
Katie Scott
Senior Press Officer, CIMA
+44 (0) 20 8849 2347
Katie.Scott@cimaglobal.com

Notes to editors

1. CIMA (the Chartered Institute of Management Accountants) is the only international accountancy body with a sole focus on business.  It is a world leading professional institute that offers an internationally recognised qualification in management accountancy, focusing on accounting in business, in both the private and public sectors. CIMA is the voice of over 155,000 members and students in 158 countries and is responsible for the education and training of management accountants who work in industry, commerce and not-for-profit and has more members in the public sector than any other UK based body.  CIMA prides itself on the commercial relevance of its syllabus, which is in tune with the activities of high performance organisations, and evolves continually to reflect the latest developments in global business.  It is committed to upholding the highest ethical and professional standards of members and students, and to maintaining public confidence in management accountancy.  For more information about CIMA, please visit www.cimaglobal.com.
2. FCMA is a fellow of the Chartered Institute of Management Accountants.