NAO chief confirmed as key figure in new watchdog body for accountants
Sir John Bourn, head of the National Audit Office, has been officially confirmed as chairman of the Review Board, part of the new independent regulatory regime for accountants.
The Foundation, which heads the new system of regulation, confirmed Sir John in the post today placing him in a key position for regulating the accountancy profession.
The Review board will ensure the public interest is maintained across the three bodies run by the Foundation – a restructured Auditing Practices Board, a new Ethics Standards Board and a new Investigations and Discipline Board – that will be regulating accountancy in the future.
Lord Gordon Borrie, chairman of the Foundation, praised Sir John on his appointment.
‘He is uniquely well-qualified to ensure that the public interest in the regulation of the accountancy profession is fully satisfied and I am sure that he will make a crucial contribution to the success of the new system.’
A new system of regulation for the accountancy profession was given government clearance by the department of trade minister Ian McCartney in April 1999.
The Review Board and the Foundation are expected to come into legal existence in the next couple of months. Full membership of the Foundation has been settled and two meetings have already been held.
Review of 1999: RED TAPE AND REGULATION