Companies Act 2014 section 1498

Right of recognised accountancy body as regards professional discipline

Section 1498 establishes the right of a recognised accountancy body to take disciplinary action against statutory auditors and audit firms, and requires it to have appropriate procedures in place to do so.

• A recognised accountancy body has the authority to take disciplinary actions against statutory auditors and audit firms that carry out audits.
• The body may also impose sanctions on those auditors and firms.
• The body must have procedures established to facilitate the taking of disciplinary action.
• The body must equally have procedures in place to facilitate the imposition of sanctions.