The Professional Oversight Board has today published an update on progress made by the professional accountancy bodies in implementing its recommendations made in March 2006 following its review of how accountants support the needs of small and medium-sized companies and their stakeholders.

The Update acknowledges the progress made by the bodies and sets out in particular the further work needed to explain the extent and relevance of the involvement of professional accountants in non-audited accounts, including the development of a cross-profession report for non-audited accounts. Such a report would explain the effort taken by professional accountants as a matter of course to provide competent professional services and to ensure that accounts are of high quality.

The Oversight Board also calls for the professional bodies to continue to work with Companies House to find a way of disclosing clearly on the public record the involvement of professional accountants in the preparation of unaudited accounts, including those filed electronically.

The Update is available at: http://www.frc.org.uk/pob/publications/.

1. The Financial Reporting Council (FRC) is the UK’s independent regulator responsible for promoting confidence in corporate reporting and governance. Its functions are exercised principally by its operating bodies (the Committee on Corporate Governance, the Accounting Standards Board, the Auditing Practices Board, the Board for Actuarial Standards, the Financial Reporting Review Panel, the Professional Oversight Board and the Accountancy and Actuarial Discipline Board).
2. 'Review of How Accountants Support the Needs of Small and Medium-Sized Companies and their Stakeholders', March 2006 is available on the FRC website at http://www.frc.org.uk/pob/publications/
3. All media enquiries should be addressed to Ian Rodger, Head of Communications, tel: +44 (0)20 7492 2395 or email at: i.rodger@frc.org.uk