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 ā€œprepare for the additional powers that will be established by ARGA to enhance the way it oversees the accountancy professionā€.

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.