POB report to Secretary of State: complaints, mistakes, contradictions
The Professional Oversight Board (POB) has published its report to the Secretary of State of Business, Enterprise and Regulatory Reform for the year ending March 2007. The POB, part of the Financial Reporting Council (FRC), said the work proves UK auditing is “fundamentally sound”, yet it also shows increasing levels of audit complaints for almost all accountancy bodies. Rob Lewis reports.
With the exception of ACCA, the accountancy bodies have actually received increasing numbers of complaints about auditors every year since the POB was created. Nobody appears eager to say why.