Accountants must 'tell it how it is' was the message chief executive of the ICAEW Michael Izza reiterated at the ICAEW annual policy summit held yesterday in Moorgate. Once again, the role of mark-to-market accounting in the economic crisis came under questioning, but Izza vigorously defended it. 'There are elements in this crisis that haven't been welcomed, but it is very important accountants tell it how it is,' he told the audience. 'We were criticised after Enron for not making the statements. The crisis wasn't caused by mark-to-market, it's an economic crisis. We have just reported it.' The panel, which included Alderman Ian Luder, the lord mayor of London, Larry Elliot, economics editor for The Guardian, and John Cridland, deputy-director general for the Confederation of British Industry, also discussed the role of auditors and non-executive directors in the current climate. Luder told the panel that NEDs need to be better resourced to stop mistakes being made: 'They will need to do more work, be more highly trained and be better paid for it,' he said. Izza said the relationship between auditors and the Financial Services Authority needed to be built upon to 'explore how auditors can play a greater role in informing the FSA'. 'We do have a role to play in restoring confidence,' he added.