The Financial Reporting Council (FRC) today published consultation proposals on the draft Auditor Regulatory Sanctions Procedure.
The FRC has developed the draft Auditor Regulatory Sanctions Procedure following amendments to the Companies Act 2006, which took effect on 2 July 2012. The amendments require the bodies which supervise statutory auditors to participate in arrangements not only for the independent monitoring of the auditors who undertake major audits but also for the body which undertakes the independent monitoring to determine sanctions against those members of the body who have failed to comply with the body’s rules relevant to statutory audit. The sanctions must then be imposed by the supervisory body.
Feedback on the Procedure is now sought from interested parties.
All responses to the consultation should be sent to: firstname.lastname@example.org
on or before Friday, 1 March 2013.