Watchdogs sought to keep tabs on new regulatory scheme

The Board is a subsidiary of the Accountancy Foundation, the overarching body responsible for appointments to and for channelling finance into its subsidiaries including the Auditing Practices Board, Ethics Standards Board and the Investigation and Discipline Board. It will act as an independent auditor of the new structure.

Already in place is Sir John Bourn, comptroller and auditor general of the National Audit Office, who has agreed to chair the eight-person board. It will be supported by a full-time director and a small, expert staff.

The Foundation has now begun the process of appointing the seven other members of the board. It wants to ensure those appointed are people best suited to ensure the Board’s remit to protect the public interest is fully achieved.

The foundation has drawn up a role and person specification setting out the criteria against which suggestions for membership will be judged. Of key importance in the criteria is that potential members must be independent from the organised accountancy profession or accountancy practice.

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