ICAEW and CBI to challenge US on audit rules

News Article - 10 January 2007
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The Institute of Chartered Accountants in England and Wales (ICAEW) will today urge regulators across the Atlantic to consider the UK's accounting standards alongside its own audit regulations in a bid to gain recognition of Britain's system.

Supported by the Confederation of British Industry (CBI), the ICAEW is to represent itself at a round table discussion between UK and US finance and regulation chiefs today which will cover senior auditing and accounting figures, the Daily Telegraph reports.

The event is described as being the first time in which the institute is expected to attack the increase in audit rules being originated by the US since the 2002 disintegration of Enron.

According to the publication, the ICAEW's technical director Robert Hodgkinson, along with CBI director general Richard Lambert, will urge their American counterparts to "mutually recognise" the thoroughness of the UK's accounting standards.

Mr Hodgkinson told the newspaper that "over-zealous regulators and litigators" may be the only people who would gain from the introduction of more detailed regulations.

Accountancy Age recently questioned whether the UK is following the US on regulating the conduct of auditors after new measures were implemented.

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