Companies Act 2014

931.

Provisions in relation to recognition by Supervisory Authority under section 930

F325 [ 931. (1) This section applies at any of the following times:

(a) at the time of the grant of a recognition under section 930 (in this section referred to as the relevant recognition ) to a body of accountants (in this section referred to as the body concerned );

(b) at any time during the currency of the relevant recognition.

(2) The Supervisory Authority may give the body concerned a notice in writing (in this section referred to as a section 931 notice ) providing for any, or any combination of, the following:

(a) directing the body, with regard to the relevant recognition, to take the action or actions specified in the notice regarding such matters specified in the notice as the Authority thinks necessary or expedient;

(b) attaching to the relevant recognition such terms and conditions specified in the notice as the Authority thinks necessary or expedient.

(3) The Supervisory Authority may, by a further section 931 notice given to the body concerned, amend, replace or revoke one or more than one earlier section 931 notice given to the body.

(4) The Supervisory Authority may, by notice in writing given to the body concerned, revoke, or suspend for a period specified in the notice, the relevant recognition if

(a) the Supervisory Authority ceases to be satisfied as referred to in section 930(1) , or

(b) the body fails to comply with any of the provisions of a section 931 notice.

(5) Without prejudice to the generality of subsection (2) , a section 931 notice may

(a) direct the body concerned (including a body referred to in section 930(2) ) to cease, or again cease, performing the Part 27 function specified in the notice, either (as specified in the notice) in all cases or in a particular case, on and from the date, or the occurrence of the event, specified in that notice,

(b) direct the body concerned to commence, or again commence, performing the Part 27 function specified in the notice, either (as specified in the notice) in all cases or in a particular case, on and from the date, or the occurrence of the event, specified in that notice (and notwithstanding any case where the body s recognition under section 930 does not otherwise permit it to perform that function), or

(c) attach terms and conditions to the relevant recognition that relate to the performance by the body concerned of a Part 27 function, either (as specified in the notice) in all cases or in a particular case.

(6) (a) Subject to paragraph (b) , the Supervisory Authority shall not give a section 931 notice, or a notice under subsection (4) , to the body concerned unless, in the interests of procedural fairness, it has first

(i) given the body a notice in writing stating the nature of the notice that it is minded to give the body and the reasons why it is so minded, and

(ii) given the body a reasonable opportunity, in the circumstances concerned, to make representations in writing to the Supervisory Authority on what is stated in the notice referred to in subparagraph (i) .

(b) Paragraph (a) shall not apply in any case where a section 931 notice is giving effect to a request referred to in section 930(4) .

(7) The Supervisory Authority may publish information on its website regarding

(a) a section 931 notice given to the body concerned and the body s response (if any) thereto, or

(b) a notice under subsection (4) given to the body concerned and the body s response (if any) thereto.

(8) Where a disciplinary committee of the body concerned has reasonable grounds for believing that a category 1 or 2 offence may have been committed by a person while the person was a member of the body, the body shall, as soon as is practicable, provide a report to the Director giving details of the alleged offence and shall furnish the Director with such further information in relation to the matter as the Director may require.

(9) Where the body concerned fails to comply with subsection (8) or a requirement of the Director under that subsection, the body, and any officer of that body to whom the failure is attributable, shall be guilty of a category 3 offence.

(10) Any terms and conditions which were, immediately before the commencement of section 28 of the Companies (Statutory Audits) Act 2018, attached under this section as in force immediately before that commencement to the relevant recognition of the body concerned shall, on and from that commencement, be deemed to be terms and conditions attached to that recognition by virtue of a section 931 notice, and section 906(4)(d) and the other provisions of this section (including subsection (3) ) shall be read accordingly. ]

Annotations

Amendments:

F325

Substituted (21.09.2018) by Companies (Statutory Audits) Act 2018 (22/2018), s. 28, S.I. No. 366 of 2018.