The Board's stated purpose was to support the FRC's goal of investor and public confidence in the financial governance of business organisations. The Board provides assurance that professional accountancy bodies are properly setting standards and enforcing discipline for their members, in accordance with the Companies Act 2006 and other statutory requirements. The POB carried out inspections on behalf of the FRC, but if any shortcomings were found, sanctions could only be imposed by the professional bodies. The POB did not have the power either to overturn any decision which the body has made in a case or to direct how the body should handle a case.