A package of measures has been announced which will aim to provide better, independent regulation of the accountancy profession, covering both private and public sector.

Secretary of State for Trade and Industry, Peter Mandelson said: “The proposals will ensure transparent and robustly independent regulation, to be delivered in partnership with the profession.”

The proposal involves some ‘public interest’ investigations of disciplinary cases against accountants being taken away from their own professional organisations and handled by an independent body.

The same independent body would set auditing and ethical standards. At least 60% of the membership would be independent members, representing consumers and the wider public interest.

There would also be a new review board with power to scrutinise much of the regulatory and disciplinary work that would remain with the professional bodies.