The agreement allows the Commission to refer cases of poor practice by CIPFA members back to CIPFA, which will take action in line with its disciplinary scheme, while CIPFA will have a “transparent mechanism” for determining cases that should be passed on to the Commission.

CIPFA's disciplinary scheme manager, Jyoti Kakad, said there were occasions where each organisation obtained information that would assist the other in performing its regulatory task. She said: "Where lawfully possible, we now agree to share information following protocol procedures." Kakad added that the sharing of this information was relevant to all CIPFA members in executive and non-executive roles in the not-for-profit sector.

The Commission formed a similar agreement with the Institute of Chartered Accountants in England and Wales in September 2002. However, at time of writing a spokesperson for the Institute could not confirm how many cases had been referred between the two organisation since the agreement was made.