Professional Oversight Board
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The Professional Oversight Board (POB), formerly known as the Professional Oversight Board for Accountancy, is a UK regulatory body specializing in the accounting, auditing and actuarial professions. It is a part of the Financial Reporting Council (FRC), the independent regulator of corporate governance and reporting in the U.K. The name change, as of May 5, 2006, reflects the recent assumption of oversight of the actuarial profession by the board. The current director of the board is Paul George.
The board's stated purpose is to support the FRC's goal of investor and public confidence in the financial governance of business organizations. The board assures that professional accountancy bodies are properly setting standards and enforcing discipline for their members, in accordance with the Companies Act and other statutory requirements.
The board also operates an Independent Audit Unit (AIU) that oversees auditing organizations and makes recommendations for appropriate regulatory actions by governmental and professional authorities. As part of its recently assumed oversight of the actuarial profession, the board monitors the activities of actuarial organizations with regard to the education, discipline, ethical standards and continuing professional development of their members. The board also seeks to provide a framework for the evaluation of the quality and effectiveness of actuarial work.
