In normal circumstances, the Association of Chartered Certified Accountants is not a body that make waves. However, as the debate heats up about the future shape of the global regulatory structure, the normally-staid ACCA has stuck its head above the parapet in relation to credit rating agencies.

Most notably, when Charles McCreevy, European financial commissioner, delivered a tough speech earlier this month calling for more regulatory oversight of these agencies, the ACCA cheered.