Grant Jones - As LSCA president, I welcomed the opportunity to correspond with London-based accountants and to take forward issues that were of concern to 'my constituents'. As an ICAEW Practice Committee member, I also welcome opportunities to take forward practice issues. As LSCA President I took forward -

(A) UK GAAP issues as they affect the Channel Islands.

Surprisingly, the LSCA area covers the Channel Islands

(B) Fees for semi-retired practising accountants.

(C) ACCA use of the term 'registered auditor'.

High Street ACCA members regularly use the term "registered auditor" on their street signs, even though the individual ACCA High Street practice member, may not have audit registration. Whilst the vast majority of High Street clients do not require an audit, when selecting an accountancy practice they often make the assumption that they require an audit. Hence there is an absence of a level playing field between the ICAEW and ACCA High Street. The LSCA has sought to bring this matter to the attention of the appropriate authorities.

The age profile of London-based small practitioners skewers towards more senior end. Succession is a greater concern in London with younger chartered accountants traditionally preferring the City. Costs of running down the practice are of a particular concern to London-based small practitioners.

(D) UK company audits.

Many foreign-based entrepreneurs like to use a UK (more especially in England and Wales) registered company. This is notwithstanding that the company itself may have no other connection with the UK save for its registration. One of the reasons given is that Companies House provides excellent international transparency. Often for a variety of reasons, these companies are audited by Big 4 practices, to obvious very high standards, in their 'local jurisdictions'. Current audit regulations require that notwithstanding the local audit, a UK auditor, based in the UK, must perform an audit: consequently two audits get performed. Other jurisdictions with similar favourable companies house regimes, such as for instance Austria, do not have this double-bind issue. Many smaller LSCA practices can work in tandem with foreign Big 4 practices to enhance this invisible export. But our current audit regulations need changing. The LSCA in response to its membership has sought to change the regime as London is particularly affected.

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