The City regulator has suggested that it has greater contact with auditors and bank management, its eagerly awaited Turner review has said. The review, published by Financial Services Authority chairman Adair Turner, recognises the need for a major shift in the role of the FSA in relation to published accounts and accounting judgments. The suggestion of a better relationship between auditors and the FSA is one that the profession has already begun to consider - ICAEW chief executive Michael Izza said at the Institute's February council meeting that the relationship needed to be built to 'explore how auditors can play a greater role in informing the FSA'. Turner's review also brought up the role of fair value accounting, which it said had 'serious disadvantages' from the point of view of regulators, but was beneficial for shareholders and investors. 'The appropriate way forward on accounting now needs careful debate between regulators and the bodies that ultimately set published account standards (the International Accounting Standards Board and the US Financial Accounting Standards Board),' the review said. The criticisms of fair value come as the IASB invites comment on proposals by the FASB to allow allow companies and banks greater freedom in valuing assets. The FASB suggests valuations be made using computer models instead of the use of market-related pricing.