But such was the focus on his ‘kitemark’ calls, that his equally interesting points on how off-shore competition is going to reshape the UK audit market were missed.

‘Large and significant chunks of audit work may be transferred to lower cost, but by no means lower quality, professionals overseas,’ Griffith-Jones said.

If his predictions are correct, then accountants should be worried. It has been easy for professionals, whether they be lawyers, accountants, journalists or bankers, to assume that while manufacturing or call centres could be outsourced to the Indias and Chinas of this world, their skills could never be seriously challenged.

That, it seems, is no longer the case. Judging from Griffith-Jones’ comments, the capacity and skills in emerging markets to deliver audits, legal advice or banking are mounting a serious challenge to UK firms.

But the concerns for professional services firms extend beyond the emergence of new competitors. Griffith-Jones raised the point that if large amounts of audit work moved off-shore, UK plc could miss out on a valuable pipeline of business talent.

An accounting qualification and a stint in a big firm is one of the main training routes to the boardroom. If audit work is carried out overseas, UK companies could lose one of their most valuable ‘business training schools’, leaving a huge talent and experience void.

‘Strip away the lower end of the pyramid ­ and you strip away the supply source of the future,’ Griffith-Jones said.

It is an ominous, but very possible, scenario.

Nicholas Neveling is a reporter on Accountancy Age