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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