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June 13, 2012

ICAEW elects president

ICAEWMark Spofforth has been appointed president of the Institute of Chartered Accountants in England and Wales (ICAEW).

He succeeds Clive Parritt and will serve as ICAEW’s president for a one year term, following his election by the institute’s council.

Spofforth is a senior partner with Spofforths in Sussex and has worked as a general practitioner for 30 years. He has also previously served as deputy chairman of the International Accounting Education Standards Board.

Speaking at his inaugural lunch at Chartered Accountants’ Hall in London this week, Spofforth called for the profession to work harder to increase public trust as the “public’s confidence in the professions has been reduced”.

“This trend must be reversed…” Spofforth said.

Responding to the UK Financial Reporting Council’s Audit Quality Inspections report, which called on firms to maintain appropriate controls, the president defended the UK audit profession.

“The role of the regulator is to encourage confidence; this is not achieved by talking down the work of audit firms – particularly when the latest Audit Inspection Unit report shows clear signs of improvement on 2010,” Spofforth remarked.

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