The audit profession must be protected against overregulation, or risk losing its attractiveness to professionals, warned new ICAEW president Richard Dyson.

Speaking at the ICAEW's president's dinner last night at Moorgate Place, Dyson said there needs to be an appropriate and proportionate overall framework for auditing and financial reporting, and to guard against changes in areas where there was no proven need.

Accountants will not move into audit work if the sector is overregulated, he added.

'There is a considerable risk, given the constraints now being placed on the profession, that high-quality professionals may no longer be attracted to the audit partner role,' said Dyson. 'In turn, this would inevitably have an adverse impact on audit quality, with the result that audits may no longer meet future business needs.'

He also spoke of the institute's main priority for the year: to launch the updated ACA qualification successfully, and continue international growth.

'We are determined both to seize these opportunities and to continue to develop our international footprint by extending the number of countries in which we offer our qualifications.'

Teresa Graham was presented with the institute's outstanding achievement award for her role in trying to ease the regulatory burden on SMEs.

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