GUIDANCE FOR AUDITOR SANCTIONS PROCEDURE

摘要

The Financial Reporting Council (FRC) has published the Auditor Regulatory Sanctions Procedure and Guidance, consulted on earlier this year, which came into effect in November for all audit firms registered with the ICAEW and subject to independent monitoring by the FRC's Audit Quality Review. The new procedure follows amendments to the Companies Act 2006, which requires that Recognised Supervisory Bodies (RSB) - including professional institutes such as ICAEW -enable the body performing independent monitoring function to determine sanctions.