Companies Act 2014 section 933

Intervention in disciplinary process of prescribed accountancy bodies

Section 933 empowers the Supervisory Authority (IAASA) to intervene in and review the disciplinary processes of prescribed accountancy bodies, either following a complaint or on its own initiative, and to impose sanctions where those bodies have not followed proper procedures.

• The Supervisory Authority may enquire into decisions by accountancy bodies not to investigate breaches, the conduct of investigations, or other decisions relating to possible breaches of standards by members
• During an enquiry, the Authority can inspect and copy documents, and require the accountancy body to explain its decisions and investigation processes
• Where the Authority finds non-compliance with approved procedures, it can annul decisions, order fresh investigations, issue directions for future conduct, or impose financial penalties of up to €125,000 (or a higher prescribed amount)
• The accountancy body or affected member may appeal the Authority's decisions to the court within three months, and the Authority must give three months' written notice before publishing any decisions on its website