It could potentially lead to a major battle between the two professions with law and accountancy institutes, who have traditional fulfilled the role of monitor, battling each other and the Big Five firms - who have already shown their interest in the job.
The Law Society of England and Wales confirmed this week that it would bid for the right to monitor its own members and will reject any proposals from accountants to do the job.
A spokesman said: 'There certainly is rivalry between the two professions and the Law Society will be arguing its case very robustly.'He added that it was confident that no external organisation could outbid the society on price, quality and knowledge of the field.
But the advertisement to attract bids has deliberately placed no limits on any one profession from acquiring the sole rights to monitor the 2,000 firms of lawyers, accountants and actuaries who will fall under the new regulations.The three Institutes of chartered accountants already have a Joint Monitoring Unit and chairman of the professional standards office Peter Wyman said that it could take on the new role, while ACCA is likely to bid to monitor small firms.
At the same time, both KPMG and PricewaterhouseCoopers already act as outsourced monitors and have expressed an interest in the job.
To read a full news analysis on the potential regulation battle between the big firms and the accountancy institutes, click on the headline below.
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