In a joint letter to business minister Kevin Hollinrake from Rod Sellers OBE, president of ICAEW Manchester, and Chris Humphrey, professor of accounting at Alliance Manchester Business School (AMBS), doubts were expressed about the government’s plans for shared audit.

The letter reflected the views of delegates at an event hosted by ICAEW Manchester and AMBS last autumn, which explored the future of the audit profession and regulation.

Plans for shared audits and the structural separation of audit would be unlikely to have the ‘game-changing’ consequences and impact claimed by the former minister responsible for audit reform, Lord Callanan.

Delegates warned the government and the Financial Reporting Council (FRC) that more focus on ‘professional innovation’ rather than ‘simply adding increased layers of regulation’ was needed.

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