A new independent oversight body to be established, preferably affiliated to the UK regulatory body, to supervise the accountancy bodies.

New legislative powers to assist the institute's investigation and disciplinary process.

New legislation to protect auditors making disclosures about clients to the relevant authorities.

The appointment of a taxing master to deal with disputes on auditors' fees

Disclosure of non-audit fees to auditors in company annual reports to shareholders

Statutory backing for accounting standards and the establishment of a financial reporting review panel

Legislation to require closer working arrangements between bank auditors and regulators

A new Government/accountancy partnership to be set up to follow through the recommendations of the review group on auditing.