1. This Committee is responsible for the sanctioning of individuals and entities that do not meet the expected standards as contained in reports from the Audit Practice Review and the Financial Reporting Monitoring Committees. The Committee also sanctions violations of the Code of Ethics for Professional Accountants.
The purpose of this Committee is, therefore, to enforce:
a) the recommendations of the Audit Practice Review Committee following audit quality reviews conducted by the Technical Department of the Authority;
b) the recommendations of the Financial Reporting Monitoring Committee following reviews conducted by the Technical
Department of the Authority;
c) the outcomes of reviews carried out on the “Fit and Proper” tests carried out on certified auditors; and
d) any violations of ethical codes and independence requirements by certified auditors identified by the Technical Department of the Authority during Audit Practice Reviews and Financial Reporting Monitoring reviews.
2. The Committee may also refer other issues identified by the Authority to the relevant authorities such as Government, BICA, BSE, BoB, and NBFIRA and other regulators with whom the Authority has entered into a Memorandum of Agreement (MoA), for appropriate sanctions.
3. The Committee will also be responsible for handling, as delegated to it by the Board, all breaches or suspected breaches constituting professional misconduct or other violations of the Act by Professional Accountants, but which are not directly related to audit practice reviews and financial reporting monitoring.