LSCA President: pivotal time of Boris, Brexit and Brydon

With Britain on its way out of the EU, a majority government in Westminster and the audit profession at a major crossroad, LSCA President Nathan Steinberg urges all members to join the debate.

March 2020

The last two months have been a very exciting time to be a leader of London.

On the night of 12 December, I attended the Carlton Club and at 10.01 saw the exit polls. There are certain elections that are pivotal in the UK. In my adult life, in 1979 when Margaret Thatcher was elected and in 1997 when Tony Blair was elected.

I believe that 2019, when Boris Johnson won a substantial majority, will be seen in the same light.

We are now firmly on our way out of the EU and for sake of the country, particularly London and the South East, let us hope a trade deal can be agreed.

Closer to home, just before the Christmas break, the Brydon report on the quality and effectiveness of audit was published.

His proposal for a new audit profession and qualification is clearly under review by the government, Financial Reporting Council, ICAEW and all the major accounting firms as well as leaders of industry.

I believe it is still too early to determine the way forward but what is essential is discussion and information being provided to all our members.

I intend to involve all the members of the LSCA main committee in the discussion so they can inform and consult with their area societies. It is essential that all our members contribute to the ongoing debate so that whatever finally happens, they feel involved.

I suspect that bearing in mind I only have just over four months in office it will be up to my successors to take the mantle forward as this will not be a short debate.

Nathan Steinberg is President of the London Society of Chartered Accountants

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