Companies Act 2014 section 1493

Arrangements for enforcement of standards

Section 1493 sets out the enforcement arrangements that recognised accountancy bodies must have in place to uphold auditing standards, including the range of sanctions available and requirements for public transparency.

• Recognised accountancy bodies must include specific enforcement provisions as part of their arrangements for upholding auditing standards.
• Available sanctions include withdrawal of approval as a statutory auditor or audit firm, appropriate penalties, disciplinary measures, and regulatory sanctions.
• The decision to withdraw approval from a statutory auditor or audit firm rests with the recognised accountancy body at its discretion.
• Information about measures taken and penalties imposed on statutory auditors and audit firms must be made available to the public.