UK: Professional Oversight Board annual report

The Professional Oversight Board - part of the Financial Reporting Council - has published its report to the Secretary of State for BERR in respect of the year to 31 March 2008. In a statement accompanying the report's publication, the POB's Director, Paul George, noted:

The primary purpose is to report on our oversight of audit regulation carried out by the professional accountancy bodies that we recognise for this purpose. We focused in 2007/08 on key areas of risk at each body and on those regulatory systems where there had been significant recent change. Overall we conclude that the recognised bodies take their responsibilities extremely seriously and that much regulatory practice is of a high standard. However, the detailed comments in the report highlight those aspects of regulatory activity that are less strong or where there is room for improvement".

Click here for further information about the role of the POB.