The UK Professional Oversight Board (POB)
believes there is a cause for concern about the performance of some
professional accountancy bodies that qualify and supervise
auditors.

The POB is responsible for monitoring
auditors’ recognised qualifying bodies (RQB) and auditors’
recognised supervisory bodies (RSB).

The Association of Chartered Certified
Accountants, Institute of Chartered Accountants in England and
Wales, Chartered Accountants Ireland and Institute of Chartered
Accountants of Scotland are RQBs and RBSs.

The Association of Authorised Public
Accountants is an RSB and the Association of International
Accountants is an RQB.

In a report to UK Secretary of State for
Business Innovation and Skills Vince Cable, the POB said some of
these organisations require:

  • More rigorous monitoring of approved training
    offices;
  • More robust procedures for verifying audit
    experience prior to awarding the audit qualification; and,
  • Complaints to be investigated without undue
    delay.

The POB also said that although the bodies
have taken many positive steps in response to its previous
recommendations, it is not confident they can fulfil their
regulatory obligations to inspect all relevant audit firms under
their jurisdiction.

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By GlobalData

The POB added that overall the accountancy
bodies devote “substantial resources” to their regulatory
responsibilities, which are generally of a “high standard”.