A shift in the balance of power from boards to their professional advisers is occurring, making advisers' expertise and advice more essential and potentially pricier than ever, Sir Adrian Cadbury has said.

The apparent shift in power is great news for accountants and auditors who could see a higher price placed on their advice given the volatile economic outlook.

Sir Adrian said: 'Boards are more dependent on their professional advisers and especially on their accountants and auditors, both external and internal, than ever before.

'There has been a shift in the balance of power from boards to their professional advisers and their expertise and advice has become more essential than ever.

'The challenge in a more uncertain and volatile financial world lies with these professionals.'

Sir Adrian Cadbury made his comments in an address to the 18th National Auditing Conference, organised by the Auditing Special Interest Group of the British Accounting Association.

ASIG chairman Dr Ilias Basioudis, a senior lecturer at Aston Business School in Birmingham, said of Sir Adrian's comments: 'It can also be interpreted that he does not have much confidence in the directors who run businesses today, given the major scandals and asset write-offs in the recent years.'