John Mellows Partner, Senior Advisor to the GEB

There has never been a greater need to have clarity in and to comply with standards. Confidence in the financial markets, financial information and audit firms has declined, as the public began to fear that standards were not up to scratch. Whether or not this is a fair analysis is not the issue; the perception exists, and this "expectation gap" is a threat to the future of our business.

Standards must be set at the international level: it is our duty to contribute to their maintenance. We need to participate actively in developing standards that meet the market requirements; we must also encourage our clients to be 100% compliant.

However, above all else we must be absolutely uncompromising as regards our own compliance. An organisation like ours, which places strict ethics at the heart of its values, is under an obligation to be faultless in its mode of operation, vis-à-vis the public, the relevant authorities and its clients. Mazars has built its success on its tradition of ethical purity, prudence and professionalism; now more than ever we need to continue on this path.