Following demands to make UK accountancy regulation more transparent and independent in the wake of a number of high profile US accountancy scandals, the government decided to shake up the existing regime.
Sir John, who is currently chairman of the Review Board and is head of the National Audit Office, said: ‘I am delighted to accept the appointment as chairman of the new Professional Oversight Board and look forward to contributing to the success of the new arrangements, in particular by implementing the new measures for the oversight of public interest auditing.’
The POB will come under the aegis of the Financial Reporting Council chaired by Sir Bryan Nicholson.
Nicholson added: ‘I am very pleased John has agreed to take on this extremely important roe at a key time in the development of the new regulatory structure. Under his leadership, I know that the board will soon establish its vital role in maintaining and enhancing public and market confidence in the role of the auditors and the accountancy profession.’
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