Accountancy Age report that:
The International Federation of Accountants (IFAC) has released a policy position on professional regulation of the accountancy profession, stating professional accountancy bodies, acting in the public interest, must play an active role in the regulation of the profession.
Now, I accept that IFAC recognise the role of third parties as well. But I remain very worried about any involvement of professional bodies in regulation. No organisation promoted to serve its membership can also regulate them. It's not possible to resolve the conflicts of interest that result, especially for the largest firms. And I suspect that IFAC is representing the interests of the largest firms when making is statement.
I accept that accountants must be involved in regulation of accountants. But those who do so must be good enough ands well enough to be bought out of the profession for a long time. It's the only way they can have a role. And they need to be in a minority.