Link: DTI audit report special
The DTI proposes that a more powerful Financial Reporting Council should take on the role of recognising audit supervisory bodies, which includes ACCA, ICAEW, ICAS and ICAI. The consultation document added that CIPFA had applied to be recognised as a supervisory body.
The document sets out proposals for the new Investigation and Discipline Body, which will replace the Joint Disciplinary Scheme and cover all bodies recognised by the FRC.
The body would have powers to remove the eligibility to audit from firms and individuals, but the government wanted to avoid providing it with statutory powers except where appropriate in the public interest.
The government is, however, asking for comment on proposals from ICAS that the IDB should be able to ‘ask a court for an order to compel witnesses or require the production of documents’.
The deadline for comments and reaction to the proposals is 10 June.
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