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July 21, 2011

POB report to bring greater transparency

The Professional Oversight Board (POB) has issued a report calling for improvements at regulatory, qualifying and supervisory accounting bodies to help increase transparency in the profession.

The regulatory compliance report sent to the Secretary of State for Business, Innovation and Skills said while regulatory bodies take their responsibilities very seriously there is still room for improvement. It also said that recognised qualifying bodies must improve the way they award exemptions from certain examinations. Additionally, the POB suggested that recognised supervisory bodies make their processes more robust for approving individuals entitled to sign audit opinions on behalf of an audit firm. The report also expressed concern that the Charted Accountants in Ireland through its Chartered Accountants Regulatory Board will not meet the statutory obligations for inspecting audit firms within a six year cycle without further decisive action.

The POB also claims that despite progress being made regarding their earlier concerns about the standard of examinations the Association for International Accountants still needs to make further changes a priority.

Finally, the oversight board called for the Actuarial Profession to make further work on their recommendations on the regulation of practising actuaries and on quality controls at actuarial firms.

“This year for the first time we name in the report the individual regulatory bodies to which our principal findings and recommendations apply. We welcome the profession’s support for this development which will bring greater transparency,” POB interim chairman John Kellas said.

 

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