Big Four chief: reform regulator
Nick Land, chairman of Ernst & Young, is the first Big Four senior partner to call for wholesale change to watchdog the Accountancy Foundation.
Land said he wanted to see funding arrangements reformed so that it is more independent and also a consolidation of what he views as a ‘fragmented’ system of over sight.
One of Land’s key concerns of is that the budget status of the Foundation changes, possibly to direct funding from government rather than money coming from accountancy institutes.
His views come as the DTI pushes ahead with its review of accountancy regulation which has been brought forward two years following scandals at Enron and WorldCom.
‘There must be a case for bringing the industry’s various bodies together under one roof.’ Land told Accountancy Age: ‘Clearly anything that strengthens the image of the profession must be good and that’s why I would like to see funding made independent.’