Companies Act 2014 section 936B

Communication with the CEAOB

Section 936B requires the Supervisory Authority (IAASA) and recognised accountancy bodies to share information about sanctions and enforcement actions with the Committee of European Auditing Oversight Bodies (CEAOB).

• The Supervisory Authority must immediately notify the CEAOB of certain directions issued against statutory auditors and directors of public interest entities, including prohibitions, suspensions and withdrawal of approval.
• After each year-end, the Supervisory Authority must provide the CEAOB with aggregated information on all relevant sanctions it has imposed, and all public notices of those sanctions, covering sanctions imposed by both the Authority itself and the Corporate Enforcement Authority.
• Recognised accountancy bodies must immediately tell the Supervisory Authority about any temporary prohibition they impose on a statutory auditor or former statutory auditor, and the Authority must pass this on to the CEAOB without delay.
• Recognised accountancy bodies must also provide the Supervisory Authority with annual aggregated information on all sanctions equivalent to relevant sanctions, and related public notices, that they have imposed on statutory auditors or former statutory auditors during the year, which the Authority then passes on to the CEAOB.

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