Companies Act 2014 section 1522

Access by recognised accountancy body to audit documents

Section 1522 sets out the powers of a recognised accountancy body to access, inspect, and copy audit documents held by statutory auditors or audit firms, and to compel attendance and explanations where further clarity is needed.

• A recognised accountancy body may, by written notice, require a statutory auditor or audit firm to furnish specified documents or grant access to all relevant documents within a stated period, where this is reasonably necessary to carry out its functions
• These powers may be used where a complaint has been made that a statutory auditor or audit firm has breached the requirements of the relevant provisions
• Where further clarification is needed after inspecting documents, the body can require the auditor or a member of the audit firm to attend before it, explain entries in the documents, and assist with clarifying the matter
• Failure to comply without reasonable excuse is a category 3 offence, and the accountancy body may also apply to the High Court for an order compelling compliance

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