24[F1(1)The arrangements referred to in paragraph 16(1) are appropriate arrangements—U.K.
(a)for the carrying out of investigations into public interest cases arising in connection with the performance of statutory audit functions or third country audit functions by members of the body,
(b)where it appears to be desirable following the conclusion of such investigations—
(i)for the holding, subject to sub-paragraph (1A), of disciplinary hearings relating to members of the body,
(ii)unless the interests of justice otherwise require, for any such hearings to be held in public, and
(iii)for decisions to be made as to whether (and, if so, what) disciplinary action should be taken against the members of the body, and
(c)for ensuring that the carrying out of those investigations, the holding of those hearings and the making of those decisions are done independently of the body.
(1A)The arrangements may provide that decisions to take disciplinary action, and decisions as to what that action should be, may be made in respect of a member of the body without the holding of a disciplinary hearing relating to that member where the member agrees in writing that such a hearing need not be held.]
(2)In this paragraph—
“public interest cases” means matters which raise or appear to raise important issues affecting the public interest;
“statutory audit function” means any function performed as a statutory auditor.
[F2“third country audit function” means any function related to the audit of a UK-traded non-EEA company.]
Textual Amendments
F1Sch. 10 para. 24(1)(1A) substituted (2.7.2012) for Sch. 10 para. 24(1) by The Statutory Auditors (Amendment of Companies Act 2006 and Delegation of Functions etc) Order 2012 (S.I. 2012/1741), arts. 1(2), 5(5)
F2Sch. 10 para. 24(2): definition of "third country audit function" inserted (1.10.2011 with application in accordance with reg. 1(6)) by The Statutory Auditors and Third Country Auditors (Amendment) Regulations 2011 (S.I. 2011/1856), reg. 5(5)(b)