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The Financial Reporting Council (FRC) has unveiled the Professional Oversight Team (POT) has been restructured and will now be known as the Professional Bodies Supervision (PBS) team going forward.
According to the council, the change reflects an agreement made last year by the board for a new strategy for POT to “deepen and strengthen” its supervision of professional bodies.
The restructuring also builds on the existing successful FRC supervision model for audit firms.
Along with the new restructuring, the council has enhanced the PBS teams’ leadership and management by appointing a new deputy director, Dhruve Shah, to support the supervision of the management team.
Shah joins from the National Audit Office where he has served as key audit partner for the audits of a range of government departments, charities, and international intergovernmental organisations.
In his new role, he will oversee five teams within PBS: supervision of professional bodies; supervisory functions; qualification and learning; quality assurance and international; operational assurance.
A spokesperson for the FRC said: “These changes will enable us to prepare for the additional powers that will be established by ARGA to enhance the way FRC oversees the accountancy and actuarial professions.”
