Discipinary hearings against accountants will be heard in public if recommendations today by the profession's regulatory body are adopted.
Foundation Review Board, set up in March 2001, is suggesting the move in the light of big changes facing the industry, particularly following the collapse of Enron and WorldCom.
In a 60-page report, the review panel acknowledges that changes are needed because of “increased concern about whether the profession is serving the public interest”.
Sir John Bourn, chairman of the review board, said: “While we found much to commend in the current disciplinary arrangements, our report makes a number of recommendations for improvement which will strengthen the system and enhance protection of the public interest.”
The review is one of the first to be undertaken by the board since the introduction of a new system of non-statutory regulation for the accountancy.