The FRC is chaired by Sir Christopher Hogg. Brief details of each of the operating bodies are given below.
The Accounting Standards Board, the ASB, is chaired by Ian Mackintosh and makes, amends and withdraws accounting standards. There is an increasingly important international dimension to this. It is assisted by its six committees-the Urgent Issues Task Force, the Financial Sector and Other Special Industries Committee, the Public Sector and Not-for-profit Committee, the Committee on Accounting for Smaller Entities, the Advisory committee on the OFR and the Advisory Panel on Life Assurance.
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The Auditing Practices Board, the APB, is chaired by Richard Fleck. It plays a key part in the development of auditing and assurance services standards and their effective application. Its responsibilities have also been extended to the development of ethical standards relating to the independence, objectivity and integrity of auditors. As in the case of the ASB, there is a strong growing international dimension to this work.
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The Board for Actuarial Standards, the BAS, is chaired by Paul Seymour. It was established in April 2006 as a result of the recommendations made by the Morris Review of the Actuarial Profession. It has the objective of promoting competence and transparency of actuarial practice and will do this by establishing and improving actuarial standards and ensuring that they are coherent, consistent and comprehensive.
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The Professional Oversight Board, the POB, is chaired by Sir John Bourn and has four main roles. First it exercises statutory powers for independent oversight of the regulation of statutory auditors; secondly, through its Audit Inspection Unit, it monitors the quality of audit in relation to listed and other major public interest entities; thirdly, it oversees the regulatory activities of the professional accountancy bodies; and fourthly it exercises independent oversight of the actuarial profession.
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The Financial Reporting Review Panel, the FRRP, is chaired by Bill Knight, and makes enquiries into apparent departures from the accounting requirements of the Companies Act 1985 in the annual accounts of large companies and where necessary seeks remedial action, being empowered to apply to the court for that purpose.
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The Accountancy & Actuarial Discipline Board, the AADB, is chaired by Timothy Walker. It provides an investigation and disciplinary scheme to handle public interest cases.
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