Professional Oversight Board

The Professional Oversight Board (POB), formerly known as the Professional Oversight Board for Accountancy, is a UK regulatory body specializing in the accounting, auditing and actuarial professions. It is a part of the Financial Reporting Council (FRC), the independent regulator of corporate governance and reporting in the U.K. The name change, as of May 5, 2006, reflects the recent assumption of oversight of the actuarial profession by the board. The current director of the board is Paul George.

The board's stated purpose is to support the FRC's goal of investor and public confidence in the financial governance of business organizations. The board assures that professional accountancy bodies are properly setting standards and enforcing discipline for their members, in accordance with the Companies Act and other statutory requirements. However, If a complaint raises concerns that a professional accountancy or actuarial body may have breached significantly its own standard procedures in the handling of a complaint about their member, POB will normally seek the comments of the relevant body and look at papers relating to the case as appropriate. POB will then normally write to the complainant to tell them the outcome of their consideration of the matter and whether the body proposes to take any action based on their comments. POB do not have the power either to overturn any decision which the body has made in a case or to direct how the body should handle a case. [ [http://www.frc.org.uk/pob/complaints/index.cfm How and when will the Professional Oversight Board respond to a complaint] ] . In common with many other public authorities, they have a policy of ignoring individual complaints. In other words, POB have no powers to ensure public confidence with respect to the complaint handling procedures of UK professional accountancy bodies and have no desire to improve this situation.

The board also operates an Independent Audit Unit (AIU) that oversees auditing organizations and makes recommendations for appropriate regulatory actions by governmental and professional authorities. As part of its recently assumed oversight of the actuarial profession, the board monitors the activities of actuarial organizations with regard to the education, discipline, ethical standards and continuing professional development of their members. The board also seeks to provide a framework for the evaluation of the quality and effectiveness of actuarial work.

The board is almost entirely composed of members of the accountancy profession that the board is supposed to regulate [ [http://www.frc.org.uk/documents/pagemanager/pob/Biogs%20for%20web-site%201%20April%202008.pdf Professional Oversight Board] ] rather than the range of skills and backgrounds favoured by Lord Nolan's rules on public appointments.

References

External links

* [http://www.frc.org.uk/pob/ Official POB web site]
* [http://www.frc.org.uk/index.cfm Official FRC web site]


Wikimedia Foundation. 2010.

Look at other dictionaries:

  • Professional Oversight Board for Accounting — POBA An operating body of the Financial Reporting Council (FRC). Its purpose is to provide independent oversight of the auditing profession through the Recognized Supervisory Bodies and of the accounting profession through the Designated… …   Accounting dictionary

  • Public Company Accounting Oversight Board — The Public Company Accounting Oversight Board (or PCAOB) is a private sector, non profit corporation created by the Sarbanes–Oxley Act, a 2002 United States federal law, to oversee the auditors of public companies. Its stated purpose is to… …   Wikipedia

  • Professional certification — Professional certification, trade certification, or professional designation, often called simply certification or qualification, is a designation earned by a person to assure qualification to perform a job or task. Many certifications are used… …   Wikipedia

  • Board of directors — For other uses of trustee , trusty , and related terms, see Trustee (disambiguation). Board Room redirects here. For the Board Room member lounge, see Alaska Airlines. trustee in trust redirects here. A board of directors is a body of elected or… …   Wikipedia

  • Board of education — A board of education or a school board or school committee is the title of the board of directors of a school, local school district or higher administrative level. The elected council helps determine educational policy in a small regional area,… …   Wikipedia

  • Board of selectmen — The Board of Selectmen is commonly the executive arm of town governments in the New England region of the United States. The board typically consists of three or five members, with or without staggered terms.see|New England townHistoryIn most New …   Wikipedia

  • Professional Hockey Players' Association — Infobox Union| name= PHPA country= Canada, United States affiliation= members= 1,400 full name= Professional Hockey Players Association native name= founded=1967 current= head= Larry Landon dissolved date= dissolved state= merged into= office= St …   Wikipedia

  • Auditing Standards Board — In the United States, the Auditing Standards Board (ASB) is the senior technical committee designated by the American Institute of Certified Public Accountants (AICPA) to issue auditing, attestation, and quality control statements, standards and… …   Wikipedia

  • Congressional oversight — refers to oversight by the United States Congress of the Executive Branch, including the numerous U.S. federal agencies. Congressional oversight refers to the review, monitoring, and supervision of federal agencies, programs, activities, and… …   Wikipedia

  • Oregon Board of Forestry — Department of Forestry Agency overview Formed 1911 Jurisdiction State of Oregon Headquarters …   Wikipedia

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”

We are using cookies for the best presentation of our site. Continuing to use this site, you agree with this.