As part of the statutory framework for the audit of companies under the Companies Act 2006, the Professional Oversight Board (part of the Financial Reporting Council), essentially acts as the main regulator, with statutory powers delegated to it by Government for the recognition and supervision of those professional accountancy bodies responsible for supervising the work of auditors or offering an audit qualification – recognised qualifying body and recognised supervisory body . Institute of Chartered Accountants in England and Wales. Recognised supervisory bodies are responsible for putting rules and arrangements in place which their members must fulfil before they can be.
