Online POBA survey: the current state of audit

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The Professional Oversight Board for Accountancy (POBA) is carrying out an online survey to identify what accountancy firms and their business clients think about the current state of audit.

POBA, founded in 2004, has set up an audit investigation unit to monitor the profession's audit procedures and compliance with standards. Once the relevant legislation is passed, it will take responsibility for overseeing the regulation of auditors by the recognised accountancy bodies.

The organisation aims to look at the effects of recent regulatory changes, including higher audit thresholds, and the effect of new reporting and auditing standards on companies, users of their accounts and the accountancy profession.

Initially, POBA's focus has been on the quality of audits relating to economically signifi...

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