Mutual recognition by professional bodies does not guarantee recognition by national authorities, said Anthea Rose, ACCA's chief executive, writing for Accountancy Age this week.

Rose's warning come on the back of news that after an arduous process the US Accounting Institute of Certified Public Accountants has pulled out of proposals to develop Cognitor, the qualification intended to become the new global model.

The ICAEW, which was involved in the early stages of Cognitor development, withdrew its support in 2000, but still maintains that since professional bodies around the world are 'moving in the same direction' a window remains open.

John Collier, secretary general of the ICAEW, replied in Accountancy Age saying: 'The opportunity for us to build on the strengths of what we already have in working with others to maintain and enhance the value, relevance and portability of the qualification in a global context.'