There is no doubt that professional and regulatory bodies are essential – only a few months ago the accounting regulator, the Financial Reporting Council (FRC) - banned the former finance director of Healthcare Locums from working as an accountant as it was revealed she had created a black hole in the accounts which almost caused the company to collapse.

The role of these bodies to investigate complaints and discipline individuals and firms where necessary has helped to ensure the accountancy profession remains at a very high standard.