The Professional Oversight Board, a part of the Financial Reporting Council, today publishes a consultation document on its new Publication scheme. Through section 1252(3) of Companies Act 2006, from 6 April 2008, the Oversight Board is designated as a public authority for Freedom of Information Act 2000 (“the Act”) purposes. We will be treating the statutory functions delegated to us by the Secretary of State as falling within the scope of the Act from this date.

We are required by the Act to have a Publication scheme, approved by the Information Commissioner, in place by this date.

The consultation runs until 17 March 2008.

Subject to the comments received in response to the consultation, the Publication scheme will be submitted to the Information Commissioner for approval.

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 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) and by the Committee on Corporate Governance.
2. The Professional Oversight Board contributes to the achievement of the Financial Reporting Council’s own fundamental aim of promoting confidence in corporate reporting and governance. It has four main responsibilities:
   • a statutory obligation to oversee the regulation of auditors by the recognised accountancy bodies;
   • the monitoring of the quality of the auditing function in relation to economically significant entities;
   • independent oversight of the regulation of the accountancy profession by the professional accountancy bodies;
   • independent oversight of the regulation of the actuarial profession by the professional actuarial bodies.
3. The Chairman of the Professional Oversight Board is Sir John Bourn. He is the Comptroller and Auditor General.
4. The Professional Oversight Board is independent of the accountancy and actuarial professions. Its members have wide experience of business and the professions, the public sector, accountancy, auditing and actuarial work.
5. Responses to the consultation document should be sent by E-mail to FOIA@frc-pob.org.uk  or to: Christina Trickett, Professional Oversight Board, 5th Floor, Aldwych House, 71-91 Aldwych, London WC2B 4HN, by 17 March 2008 at the latest. All responses will be acknowledged.
6. All enquiries about the issues raised in this consultation document should be directed to Paul George, Director of Auditing (telephone 0207 492 2340).