Companies Act 2014 section 934B

Immediate action required to protect public

Section 934B empowers the Supervisory Authority to seek an urgent court order prohibiting a person from carrying out statutory audits or signing audit reports where the gravity of a possible contravention warrants immediate action to protect the public.

• The Supervisory Authority may act where it considers the nature or gravity of a possible relevant contravention warrants immediate protective measures in the public interest.
• A direction may prohibit the specified person from carrying out statutory audits, signing statutory auditors' reports, or both.
• The prohibition remains in place until the necessary steps or further steps under section 934 have been taken in relation to the contravention.
• The Supervisory Authority may apply to the court on an ex parte basis, meaning the application can be made without prior notice to the person concerned.