PracticeAuditAudit committees face new training rules

Audit committees face new training rules

Non-accountant members of audit committees may be forced to sit the same level of training as qualifieds in a move to improve the quality of financial reporting in the UK.

Link: Audit committees – Where to next?

A consultation document, published today by the FRC’s Public Oversight Board for Accountancy, claims that better training and education of ‘accountants, auditors and members of audit committees’ will lead to increased public and investor confidence in financial reporting.

‘We want to work with the accountancy profession to ensure that everyone who is involved in producing and auditing financial reports is thoroughly equipped to do so,’ said Sir John Bourn, POBA chairman.

POBA has also raised certain concerns over Continuing Professional Development requirements. It claimed that it may be difficult for individuals in organisations that do not have adequate training departments to receive the right education.

‘This is POBA’s first industry-wide project and represents an important step in building confidence in the accounting profession,’ said Paul George, director of POBA. Consultation will close on 20 August.

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