Discussion has opened about whether UK and Irish audit standards should be upgraded in line with international standards.
The International Auditing and Assurance Standards Board (IAASB) is planning to update international standards soon and the Auditing Practices Board (APB) is to consult on whether UK and Irish rules should be upgraded to the same standard.
APB chairman Richard Fleck said: "The APB believes that the new standards should be adopted domestically as soon as practicable so that UK and Irish auditing standards will continue to be seen as amongst the strongest internationally."
He added that basis of the consultation was that the international rules would apply to all audits and that training and support would be necessary.
Meanwhile, senior investors and analysts have warned that changes to fair value accounting rules could undermine investor confidence, the Financial Times reports.
According to the newspaper, the Corporate Reporting Users Form, a European group of investors and analysts, has urged the European Commission to keep accounting rules as they are.
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