The ICAEW is calling on the government to double its deregulation policy from 'one in, one out' to 'one in, two out'.
The institutes call is just one of a number of recommendations it is making ahead of the chancellor's Autumn Statement on 5 December, to help improve business confidence in order to drive more investment and support further growth.
According to a poll of 521 of its 138,000 members, some 69% of those polled said an improvement in effective deregulation would aid business growth.
Meanwhile, almost the same amount (67%) said they lacked confidence in the government's plan A scheme to revive the economy and reduce the deficit. Meanwhile, eight out of 10 members (82%) said an increase in government infrastructure investment would boost growth.
The ICAEW has now called for the creation of an Office for Regulatory Reform "to address HMRC, UK and EU regulatory burdens, and a targeted regional enterprise strategy to help rebalance the UK economy".
Michael Izza, ICAEW chief executive, said: 'We need to change the juggernaut policies devised in Treasury by people who do not understand the realities of running companies. The forthcoming Autumn Statement provides an opportunity for the chancellor to listen to the UK business community.
'Companies are hoarding nearly £720bn in cash piles. If £10bn of this cash was injected into our economy in addition to current levels of business investment, we could see business investment return to pre-crisis levels.'
The institute's research reveals that the top three priorities to support infrastructure for growth in London are home building, investing in the rail network and building airport capacity.
Outside the capital, those priorities shift to home building, expanding road capacity and high-speed broadband.
On the export front, awareness of business support schemes remains low with 81% of large exporting companies and 69% of SME exporters confessing that were not familiar with UK Trade and Investment (UKTI), rising to nine out 10 (90%) of exporters for Local Enterprise Partnerships (LEPs).
Other recommendations from ICAEW to the chancellor include postponing the introduction of the child benefit reform to 6 April 2013, and "properly resourcing the Office for Tax Simplification (OTS) so it can make a real difference" in the current Parliament.
It also wants to see the coalition consolidate all growth fund schemes and make them accessible through the small business bank.
Another Institute suggestion is to align UKTI and LEPs more effectively to help achieve £1trn of exports by 2020.