|
|
|
Amendment of section 905 of Principal Act
|
| |
19. Section 905 of the Principal Act is amended, in subsection (2)—
|
|
| |
(a) by the substitution of the following paragraph for paragraph (a):
|
|
| |
“(a) grant recognition to bodies of accountants for the purposes of the relevant provisions,”,
|
|
| |
(b) in paragraph (d), by the substitution of “paragraph (a)(ii) or (iii) or (b)(ii) of the definition of ‘approved investigation and disciplinary procedures’ in subsection (1) of that section” for “subsection (1)(a)(ii) or (iii) or (1)(b)(ii) of that section”,
|
|
| |
(c) by the substitution of the following paragraph for paragraph (e):
|
|
| |
“(e) impose under section 933 sanctions on prescribed accountancy bodies in relation to enquiries referred to in paragraph (d),”,
|
|
| |
(d) by the insertion of the following paragraphs after paragraph (e):
|
|
| |
“(ea) conduct under section 933 enquiries into whether a recognised accountancy body has complied with the applicable provisions in performing a Part 27 function,
|
|
| |
(eb) impose under section 933 sanctions on recognised accountancy bodies in relation to enquiries referred to in paragraph (ea),”,
|
|
| |
(e) in paragraph (f), by the insertion of “by a member of that body” after “body”,
|
|
| |
(f) by the insertion of the following paragraphs after paragraph (f):
|
|
| |
“(fa) undertake under section 934 investigations into possible contraventions of a provision of section 336 or 337, Part 27 or Regulation (EU) No 537/2014 by a statutory auditor,
|
|
| |
(fb) impose under section 934 sanctions on members of prescribed accountancy bodies and statutory auditors for relevant contraventions committed by such members,”,
|
|
| |
(g) by the substitution of the following paragraph for paragraph (g):
|
|
| |
“(g) supervise how each recognised accountancy body monitors its members and statutory auditors for which the recognised accountancy body has responsibility by virtue of performing a Part 27 function,”,
|
|
| |
(h) by the deletion of paragraph (h),
|
|
| |
(i) in paragraph (i), by the substitution of “Part 27” for “the 2016 Audits Regulations”,
|
|
| |
(j) by the deletion of paragraph (l),
|
|
| |
(k) in paragraph (ma), by the substitution of “Part 27” for “the 2016 Audits Regulations”,
|
|
| |
(l) in paragraph (n), by the substitution of “Part 27 and Regulation (EU) No 537/2014, the performance of (and, where permitted by that Part, that Regulation or any other Part of this Act (including this Part), perform)” for “the 2016 Audits Regulations and Regulation (EU) No 537/2014, the performance of (and, where permitted by those Regulations, that Regulation or this Act, perform)”, and
|
|
| |
(m) by the insertion of the following paragraph after paragraph (n):
|
|
| |
“(na) enable, by virtue of recognition under section 930 or a section 931 notice, functions under paragraph (n) to be performed by recognised accountancy bodies,”.
|
