Companies Act 2014 section 931

Provisions in relation to recognition by Supervisory Authority under section 930

Section 931 sets out the powers of the Supervisory Authority (IAASA) to regulate recognised accountancy bodies through written notices, including the ability to impose directions and conditions, suspend or revoke recognition, and require reporting of suspected criminal offences to the Corporate Enforcement Authority.

• The Supervisory Authority may issue written notices to recognised accountancy bodies directing them to take specific actions, attaching terms and conditions to their recognition, or ordering them to start or stop performing particular regulatory functions under Part 27 or Part 28 of the Act
• The Authority may revoke or suspend a body's recognition if it no longer meets the requirements for recognition or fails to comply with a notice, but must first give the body advance warning and a fair opportunity to respond in writing before taking such action
• Where a recognised body's disciplinary committee has reasonable grounds to believe a member may have committed a serious offence (category 1 or 2), the body must promptly report this to the Corporate Enforcement Authority and provide any further information requested — failure to do so is itself a criminal offence (category 3)
• Any terms and conditions attached to a body's recognition before the commencement of the Companies (Statutory Audits) Act 2018 are treated as if they had been imposed by a notice under this section and can be amended, replaced, or revoked accordingly