The Professional Oversight Board (the 'Oversight Board'), part of the Financial Reporting Council, today becomes subject to the Freedom of Information Act (the 'Act') in respect of its statutory duties.

In accordance with the requirements of the Act the Oversight Board has adopted a Publication Scheme which is published on its website together with guidance on Freedom of Information including how to make a request for information.

The Oversight Board today also publishes its report on the Consultation on the draft Publication Scheme published in December 2007. This report contains a summary of the responses and feedback it received and outlines its response to the key issues raised.

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 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.
4. The Publication scheme is available on the FRC website at http://www.frc.org.uk/pob/foi/schemenotes.cfm
5. Press enquiries should be directed to Paul George, Professional Oversight Board Director, on 020 7492 2340.