A senior partner at Ernst & Young is among the three candidates eagerly awaiting the results of the vice-presidency election for the Institute of Chartered Accountants in England and Wales.

Gerald Russell, senior partner in the London office, is up against Ian Hayes, managing director at Vataxworld London and Paul Wagstaff, client partner at HLB Vantis Audit in Wokingham.

In his candidacy statement, Russell addressed the current economic climate and the challenge it posed to the profession.

'In the short term we need to ensure our reputation is not damaged by any fall out from the credit crunch and economic slow down which follows,' he said. 'We also need to make sure we do not have damaging regulation imposed on us as a knee jerk reaction to any problems which emerge.'

Voting closed yesterday and the successful candidate will be announced at the institute's council meeting today.

The new vice-president will take up the role in June. They will become deputy president after 12 months in office, before progressing to the post of president of the institute in 2010.