Financial Crime World

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Council Establishes Committees to Assist in Performance of Functions

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The Council has been empowered to establish one or more committees to assist it in the performance of its functions under the Act. According to Section 17, the Council may dissolve or reconstitute any committee at any time.

Panels of Experts

The Council has established four panels of experts:

  • Standards Review Panel: responsible for developing, renewing, improving, and adopting financial reporting and accounting standards, as well as auditing standards.
  • Financial Reporting Monitoring Panel: reviews and analyzes public interest entities’ compliance with financial reporting and accounting standards, codes, or guidelines issued under the Act.
  • Audit Practice Review Panel: conducts practice reviews of licensed auditors and audit firms, as well as other entities that assist them in discharging their duties.
  • Enforcement Panel: considers findings and recommendations from the Financial Reporting Monitoring Panel, Audit Practice Review Panel, or Council and determines appropriate action to be taken.

Review Committee

If an entity is unhappy with the Enforcement Panel’s decision, it can appeal to the Review Committee. This committee consists of a Chairperson and two other members with at least 10 years’ experience in business, finance, accountancy, or law.

Council’s Rules and Codes

The Council is responsible for making and issuing rules and codes of practice to establish its procedures and policies for regulating licensed auditors and financial reporting by public interest entities. The Council may revise these rules or codes by revoking, varying, or adding to their provisions.

Code of Ethics

The Council has adopted a Code of Ethics to establish the rules and standards of conduct for members of the Council, panels, committees, employees, and consultants in the discharge of their functions and duties.

Cooperation Mechanism

The Council may enter into Memoranda of Understanding with regulatory bodies or other organizations to exchange or share information for the purpose of discharging its functions under the Act.