English ICA seeks summit with US watchdog over clampdown which led to forced PwC resignation

The move comes in the wake of the recent resignation of a UK-based PricewaterhouseCoopers partner because of conflicts with the Securities and Exchange Commission’s independence rules.

In a speech to the London Society of Chartered Accountants, Ward said that the SEC’s moves had raised important issues about the interaction between the English ICA, the new Ethics Standards Board being established as part of the Foundation for accountancy supervision, and the requirements of the EU in respect of human rights.

‘Regulation without consultation, due process and transparency to all who are affect by it, either as providers of professional services or as users of those services, is neither appropriate, nor, ultimately effective. We are seeking a meeting with the SEC to establish proper communication and to ensure that our members are dealt with fairly,’ he said.

Ward’s speech follows the announcement last week that the institute has asked the Joint Monitoring Unit to conduct its own probe into members’ compliance with UK independence procedures and to make the findings publicly available.

US audit clampdown hits UK

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