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Regulate with care

07/02/2008

Accounting directives which might arise as a result of current financial difficulties should be made with care, a senior partner in the city has warned.

Gerald Russell, from Ernst & Young made his comments before his election as vice-president of the Institute of Chartered Accountants in England and Wales (ICAEW), Accountancy Age has reported.

"In the short term we need to ensure our reputation is not damaged by any fall out from the credit crunch and economic slow down which follows," he said.

Following the announcement, he explained that accountancy "faced significant threats as well as opportunities" over the next three years and beyond.

The ICAEW declared that he will start in his post on June 4th - after one year in this job he will become deputy president before taking the institute's top post in 2010.

"Being a chartered accountant is undoubtedly recognised around the world as the premier qualification," he was reported to have said.

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