Companies Act 2014 section 1503

Definitions (Chapter 9)

Section 1503 defines the key terms used throughout Chapter 9, which deals with sanctions that the Supervisory Authority can impose on statutory auditors and audit firms for contraventions of audit requirements.

• A specified person is the statutory auditor or audit firm that is the subject of a sanction decision by the Supervisory Authority.
• A relevant decision is the Supervisory Authority's formal decision to impose a sanction on a specified person for a contravention they have committed.
• A relevant sanction covers any of the sanctions available under the sanctioning provisions, including monetary sanctions (i.e. financial penalties).
• Where a sanction is imposed, the Supervisory Authority must issue a public notice publishing the details of the specified person and the sanction applied.