SCHEDULES

SCHEDULE 10Recognised supervisory bodies

Part 2Requirements for recognition of a supervisory body

Monitoring and enforcement

12

F11

The body must—

a

have adequate resources for the effective monitoring and enforcement of compliance with its rules, and

b

ensure that those resources may not be influenced improperly by the persons monitored.

1A

The body must—

a

have adequate arrangements for the effective monitoring and enforcement of compliance with its rules, and

b

ensure that those arrangements operate independently of the persons monitored.

2

The arrangements for monitoring may make provision for that function to be performed on behalf of the body (and without affecting its responsibility) by any other body or person who is able and willing to perform it.

F23

The arrangements for enforcement must include provision for—

a

sanctions which include—

i

the withdrawal of eligibility for appointment as a statutory auditor; and

ii

any other disciplinary measures necessary to ensure the effective enforcement of the body's rules; and

b

the body making available to the public information relating to steps it has taken to ensure the effective enforcement of its rules.