Professional bodies to come under more scrutiny

The professional accountancy bodies are to come under greater scrutiny from the Financial Reporting Council, in the form of the newly-created Professional Body Supervision (PBS) team.

FRC has restructured its old Professional Oversight Team (POT) and renamed it the PBS. It said the changes will enable FRC to “prepare for the additional powers that will be established by ARGA to enhance the way it oversees the accountancy profession”.

FRC has also appointment of a new Deputy Director, Dhruve Shah, to support the PBS. He joins from the National Audit Office where he has served as key audit partner for the audits of a range of government departments, charities, and international intergovernmental organisations. Shah will oversee the five teams within PBS:

  • Supervision of Professional Bodies.
  • Supervisory Functions.
  • Qualification & Learning.
  • Quality Assurance & International.
  • Operational Assurance.