The Professional Oversight Board became subject to the Freedom of Information Act from 6 April 2008. The Publication scheme is awaiting approval from the Information Commissioner.
Part 1: Introduction
The FRC
The Financial Reporting Council (FRC) is the UK's independent regulator for corporate reporting and governance. Its aim is to promote confidence in corporate reporting and governance. In pursuit of this aim, its six objectives are to promote:
- high quality corporate reporting
- high quality auditing
- high quality actuarial practice
- high standards of corporate governance
- the integrity, competence and transparency of the accountancy and actuarial professions
- our effectiveness as a unified independent regulator
The Professional Oversight Board, one of the FRC’s operating bodies contributes in particular to the FRC’s objectives two, three, four and five.
Overview of Professional Oversight Board
The Professional Oversight Board (“the Oversight Board”) contributes to the achievement of the Financial Reporting Council's own fundamental aim of supporting investor, market and public confidence in the financial and governance stewardship of listed and other entities through its five roles:
- the statutory functions that have been delegated to it by the Secretary of State: the Secretary of State delegates his functions under Part 42 of the Companies Act 2006 to the Oversight Board; this includes functions in relation to the independent oversight of the regulation of the auditing profession by the professional accountancy bodies, the independent supervision of the Auditors General and the registration of third country auditors;
- the independent oversight of the regulation of the accountancy profession by the professional accountancy bodies: this role is done on a voluntary basis under agreement with the Consultative Committee of Accountancy Bodies (CCAB);
- the monitoring of major and public interest audits, which it carries out through the Audit Inspection Unit (“AIU”): the AIU’s monitoring role is not given to it by legislation although, under the Companies Act 2006, the professional accountancy bodies that supervise audit firms are obliged to have systems in place to ensure that major audits are independently monitored by a body separate to them, such as the AIU;
- the independent oversight of the regulation of the actuarial profession by the professional actuarial bodies and the promotion of high quality actuarial work: this role is entirely voluntary and is done under agreement with the Actuarial Profession;
- membership of various international bodies dealing with the regulation of audit: This role is entirely voluntary although it does support elements of the Oversight Board’s statutory audit regulatory role.
Freedom of Information Act 2000
The Freedom of Information Act (FOIA) was passed on 30 November 2000. It gives a general right of access to information held by public authorities, sets out exemptions from that right of access and places a number of obligations on such authorities. The effect of section 1252(3) of Companies Act 2006 is that the Oversight Board is designated as a public authority for the purposes of the FOIA in relation to the exercise of the statutory functions delegated to it by the Secretary of State. It is not designated in relation to the exercise of non statutory functions.
An independent Information Commissioner enforces the FOIA. The Information Commissioner is responsible for promoting best practice under the FOIA and ensuring compliance. The Information Commissioner’s address is:
The Office of the Information Commissioner, Wycliffe House, Water Lane, Wilmslow, Cheshire SK9 5AF.
Purpose and Structure of the Scheme
The purpose of this Scheme is to let you know what information is readily available from us. By ‘readily available' we mean information that is on our website, or that can be obtained from us by letter, fax or e-mail.
In creating and reviewing this Scheme, we have to consider the public interest when:
- Allowing public access to the information we hold; and
- Publicising the reasons for decisions that we make.
By law, our Scheme must:
- Set out the classes of information that we publish or intend to publish;
- Say how we will publish the information in each class; and
- Say if we will provide the information free or charge for it.
The Scheme is in three parts:
- Part 1 tells you about the Scheme
- Part 2 sets out the classes or types of information that we publish or intend to publish.
- Part 3 is the Publications List, which tells you what information is published, how it can be obtained and whether it is free of charge
The Scheme is available on the FRC website: www.http://www.frc.org.uk/pob/ or from the FRC offices.
Obtaining Information under the Scheme
The Oversight Board routinely publishes information on its website. Most information detailed in our Scheme will be freely available for downloading from the website. Information listed in the Publications List which is not available from the website can be requested in writing, by letter, email or fax. The information will be made available routinely.
Requests for paper copies of any documents in our scheme should be sent to:
Shazia Ahmad
Professional Oversight Board, 5th Floor, Aldwych House,
71-91 Aldwych, London, WC2B 4HN
Tel: 020 7492 2339
Fax: 020 7492 2359
E-mail: FOIA@frc-pob.org.uk
Please also contact Ms Ahmad if you wish to come and view any documents available at the Oversight Board under the Scheme.
From 6 April 2008 we will be responding to individual requests for information made under the Act. Any person who wishes to exercise the right of access to information that we hold must write or email us specifying the information requested, if it is not in our Scheme. Subject to certain exemptions, we will inform the person whether we hold the information and provide it within 20 working days of receiving the request. Further information on making a request under the Act can be found at Freedom of Information: Guidance Note.
Neither the Act nor this Scheme applies to information from our predecessor body, the Review Board of the Accountancy Foundation which will not be available from the Oversight Board.
Requests for Personal Information
Personal data is covered by the Data Protection Act 1998 (DPA) and is exempt information under FOIA. Under the DPA you have a statutory right to access personal data we hold about you on computer or in a structured manual file (i.e. on paper). You also have a right to expect the Oversight Board, as a Data Controller, to ensure that data is:
- Processed fairly and lawfully;
- Obtained for specific and lawful purposes;
- Adequate, relevant and not excessive for that purpose;
- Accurate and, where necessary, kept up to date;
- Not kept for longer than is necessary;
- Processed in accordance with your rights as the data subject;
- Kept secure;
- Not transferred abroad unless to countries with adequate data protection laws;
You can find out more about the DPA and your rights in relation to personal information under the FRC’s Data Protection section.
Charging for information in the Scheme
There is no charge for information that can be downloaded directly from our website. Single paper copies of any publication listed in the Scheme will normally be provided free of charge. Charges may be made for the provision of multiple paper copies of publications or for specified paper copy publications. Any charges will be notified to you when you request the information and payment in advance will be required.
Responsibility for the Scheme
Overall responsibility for the Scheme rests with Director of the Oversight Board, Paul George. Day to day responsibility for the Scheme rests with Shazia Ahmad
The Professional Oversight Board, 5th Floor, Aldwych House,
71-91 Aldwych, London, WC2B 4HN
Tel: 020 7492 2339
Fax: 020 7492 2359
E-mail: FOIA@frc-pob.org.uk
Review
The Oversight Board will review the Scheme regularly.
Copyright statement
Unless otherwise stated, we own the copyright and any other rights in all material in this scheme. The Oversight Board information may be reproduced in accordance with The Copyright Act 1988 and within Copyright Licensing Agency guidelines. Where information is reproduced, it must be reproduced accurately, not used in a misleading context and an appropriate acknowledgement must be inserted.
Permission to reproduce material does not extend to any material accessed through the Scheme that is in the copyright of third parties. You must obtain permission to reproduce such information from the copyright holder concerned.
Information made available under this Scheme must not be reproduced, copied or otherwise used for any commercial purposes.
Publications which can be accessed by the Oversight Board website may be printed and downloaded on the conditions set out in the Copyrights statement in the FRC website.
Comments and Complaints about the Publication Scheme
If you have any comments on this Scheme please write to Shazia Ahmad
By email: FOIA@frc-pob.org.uk
By post: Professional Oversight Board, 5th Floor, Aldwych House, 71-91 Aldwych, London, WC2B 4HN
By phone: 020 7492 2339
By fax: 020 7492 2359
If you have a complaint about the operation of the Scheme please write to Anne McArthur, General Counsel & Company Secretary at the FRC, 5th Floor, Aldwych House, 71-91 Aldwych, London, WC2B 4HN seeking resolution of your complaint. If you are not satisfied with the response that you receive, you may refer your complaint to the Information Commissioner at the address shown above.
Part 2: Classes of information in the Professional Oversight Board Publication Scheme
Introduction
Information for publication in the Scheme has been grouped into Information Classes. For ease of navigation the classes have been arranged under three classes with sub-classes.
The Publications List in Part 3 specifies
- the publications which the Oversight Board publishes or intends to publish under the applicable Information Class;
- any supplemental information in relation to the publication;
- specifies the format in which each publication is, or is intended to be, available;
- an indication as to any charge that may be made.
Information falling within the Information Classes will be retained in accordance with our Records Retention Policy.
Information Classes
We will publish information in the following classes:
- Administration
- Oversight Board Governance and Accountability
- The administrative structure of the Oversight Board
- Finance and business planning
- Employment
- Delegated or statutory functions
- Oversight of the auditing profession
- Independent supervision of the Auditors General
- Registration of third country auditors
- Non statutory functions
- Oversight of the accounting profession
- Monitoring audit quality
- Oversight of the actuarial profession
- International & EU
- Ad hoc projects
- Key Facts & trends
- Other links
- Links with other UK organisations
- Links with other International organisations
Exempt Information
Measures to increase transparency must be seen in the context of the overriding need to preserve the confidentiality of commercially sensitive information in the conduct of our work and the need to avoid prejudicing the discharge of our functions. Furthermore, information about businesses obtained during our statutory duties is protected by the criminal law.
The following information will not normally be made available to the public:
Administration
- Sensitive personal information relating to members of staff, Members of the board, visitors or advisors, including specific terms and conditions of employment and remuneration;
- Minutes of, and supporting papers relating to non statutory functions discussed in Board meetings;
- Minutes of, and supporting papers relating to matters discussed in committee or working group meetings
- Financial information relating to specific contracts or other commercially sensitive matters.
Delegated or statutory functions
Auditors
- Private reports on annual monitoring visits issued to the RQBs and RSBs;
- Annual returns submitted by RQBs and RSBs to the Oversight Board;
- Details of complaints made against any Recognised Qualifying Body (RQB)/ Recognised Supervisory Body (RSB);
- Personal data relating to complainants.
Independent Supervisor
- Working documents relating to an individual inspection and any documents provided by the Comptroller and Auditor General or Auditors General of the National Audit Office, Audit Scotland, Wales Audit Office and Northern Ireland Audit Office respectively which are retained in the course of our supervision duties;
- Details of complaints against an Auditor General whilst under investigation;
Register of Third Country Auditors
- Information provided as additional evidence in the course of the authorisation process which is not required for the third country auditor register.
Non statutory functions
As stated above, the Oversight Board is not designated under the Act in relation to its exercise of non statutory functions. All information published within this Class of Information is published voluntarily and the Oversight Board is not required to provide access to information within this Class which is not detailed in the Publications List. However, there may be information which falls within both this Class of Information and the Delegated or statutory functions Class of Information - for the avoidance of doubt we set out below the information which will not be made available to the public.
Accountants
- Private reports on annual monitoring visits issued to professional bodies;
- Details of complaints made against members or professional bodies;
- Personal data relating to complainants.
AIU
- Private reports on audit firms prepared for the RSB with which the firm is registered.
- Private reports issued to firms on individual audits reviewed and any summary of findings issued to the RSB with which the firm is registered;
- AIU working documents relating to an individual inspection and any documents provided by the firm which are retained by the AIU;
- The AIU’s inspection methodology and work programmes.
Actuaries
- Private reports issued to Professional Bodies
- Documents provided by firms and professional bodies which are retained by the Oversight Board ;
- The Oversight Board’s responses to the Profession’s own reviews of internal processes including reviews of ethical principles, complaints and discipline and Education & CPD.
All Classes
- Any information subject to legal professional privilege, or other relevant privilege, for such period as the privilege remains active;
- Any other information that may be subject to exemption under the provisions of the FOIA, subject to case by case consideration of individual requests.
