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

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
  • More robust procedures for verifying audit
    experience prior to awarding the audit qualification; and,
  • Complaints to be investigated without undue

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.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

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