POBA takes over audit regulation from DTI
POBA takes over formal responsibility for oversight of audit regulation from DTI today
POBA takes over formal responsibility for oversight of audit regulation from DTI today
The Professional Oversight Board for Accountancy (POBA) will take over
oversight of audit regulation from the Department of Trade and Industry today.
Part of the Financial Reporting Council (FRC), the POBA is now responsible
for the ‘recognition, supervision and de-recognition of those accountancy bodies
responsible for supervising the work of auditors or offering an audit
qualification’ the FRC said in a statement this morning.
Under powers delegated to it under the Companies Act 1989, the POBA can make
legally binding regulations, for example, on information about audit firms to be
made available to the public, and it can use powers to call for information from
the recognised bodies to support its work.
Where it concludes that a recognised body has failed to meet its obligations
under the 1989 Act, it now has powers of enforcement short of de-recognition.
Sir John Bourn, POBA’s chairman, said that he was pleased that the
legislation to this effect was now in place: ‘This is central to POBA’s role.
With the cooperation of the accountancy bodies, we have been able to do much by
way of preparation over the last year; we have also already started in earnest
our active monitoring of the regulatory activity of the bodies. But it is
necessary to have the proper authority for our work’.
The numbers you crunch tell a story. Your expertis...
19yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleFrom battling underground invoice frauds in China to navigating bribery risks in the Middle East, Mazars' Nigel Layton shares essential insights on co...
View articleAccording to the Chartered IIA, internal audit should be placed at the forefront of a new Code Read More...
View articleBy switching the focus from ‘profit made for investors’ to ‘value created for all’, accountants can find ways to quantify and evaluate the impact of a...
View articleThe proposals form part of an ongoing overhaul of audit and corporate governance in the UK Read More...
View articleThe first update to the UK Corporate Governance Code in four years will see the creation of a stronger framework for reporting on internal controls an...
View articleBusinesses must adopt a healthy corporate culture or risk legal and business consequences Read More...
View articleDuring a conversation with Accountancy Age, Mazars partner Bob Neate breaks down the draft audit reform bill, warning of a potential capacity issue fo...
View articleThe FRC and major audit firms have criticised the UK government’s watered-down proposals Read More...
View article