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May 20, 2010

POB recommends oversight improvments

The UK Professional Oversight Board (POB) has issued eight recommendations for how UK professional accountancy bodies can improve the monitoring of members that provide non-regulated accountancy services.

Non-regulated services include accounts preparation, payroll, tax and bookkeeping.

The POB recommended that one body should remove the claim on its website that effective monitoring of its members is carried out, or allocate more resources so the monitoring occurs.

The other seven recommendations suggested that all the bodies should:

  • Ensure the nature and frequency of monitoring work is clearly and accurately explained on their websites;
  • Ensure the determination and assessment of best practice is consistent across all types of practice;
  • Comprehensively review ethical matters during monitoring visits;
  • Incorporate an internal complaints policy into monitoring visits;
  • Consider the benefits of tailoring monitoring visits to non-regulated members in practice;
  • Require members to respond to all matters identified during the reviews and take appropriate action; and
  • Review the responses received from members to ensure the issues are satisfactorily addressed.

The bodies reviewed were: the Association of Chartered Certified Accountants, the Association of International Accountants, Chartered Accountants Ireland, the Chartered Institute of Management Accountants, the Chartered Institute of Public Finance and Accountancy, the Institute of Chartered Accountants of England and Wales and the Institute of Chartered Accountants of Scotland.

The bodies have been asked to provide responses to the recommendations by 1 September.

 

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