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Which kind of oversight?

Document Cited in Related
Vincent
AuthorClaret, Jake
PositionLetters - Letter to the editor

"Scupper club" (April) discussed the various suspects who share responsibility for letting the credit crisis happen. One omission from the list was the UK Financial Reporting Council's professional oversight board (POB).

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When the current regulatory system was established, part of the POB's remit was to monitor "the quality of the auditing function in relation to economically significant entities". Banks might possibly be described as economically significant entities.

The POB's report to the UK secretary of state for business, enterprise and regulatory reform for year to March 31, 2008 explained that the "focus in relation to financial reporting issues is on the appropriateness of audit judgments exercised". This echoes the reason given for the transfer of oversight to the POB that it would focus on judgment rather than process.

The report concluded: "In...

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