ICAEW president warns of audit regulation threat

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.

Further reading:

ICAEW wins deal with Indian business giant

ICAEW should consider new ‘learner’ status

Female accountant wins ICAEW accolade