Accountants seek Euro-wide co-ordination body

The European Federation of Accountants (FEE) has called for a co-ordination body to ensure a level playing field for enforcement of accountancy procedures.

FEE also called for the Committee of European Securities Regulators (CESR) to play a key role in its implementation.

An additional wider consultation mechanism that would give an opportunity to all stakeholders to contribute to the continuous development of the enforcement system should also be established within this framework, FEE argued.

The call comes as the accountancy body proposes a move towards a fully integrated European capital market.

This, it argues can be made easier by facilitating comparability of financial information across the EU.

Its President David Devlin said today: "Clearly enforcement must take place at national level.

"Likewise it is clear that achievement of a fully integrated European capital market requires consistency in enforcement processes used and decisions reached across Europe," Devlin added.

FEE has 41 member bodies of professional accountants from 29 countries, representing more than 500,000 accountants in Europe.