FRC—Accountancy Scheme—different types of sanction
Produced in partnership with Thomas Daniel of 2 Bedford Row
FRC—Accountancy Scheme—different types of sanction

The following Corporate Crime practice note produced in partnership with Thomas Daniel of 2 Bedford Row provides comprehensive and up to date legal information covering:

  • FRC—Accountancy Scheme—different types of sanction
  • Reprimands and Severe Reprimands
  • Direction
  • Fines
  • Waiver or repayment of client fees
  • Preclusion
  • Exclusion

FRC—Accountancy Scheme—different types of sanction

Forthcoming change alert: The UK government has announced that the Financial Reporting Council (FRC) will be replaced with a new regulator called the Audit, Reporting and Governance Authority. This new enhanced regulator will transform the audit and accounting sector in response to the comprehensive Independent Review led by Sir John Kingman. See News Analysis: Resetting the scope and purpose of audit regulation—ARGA and a new corporate auditing profession.

If a Disciplinary Tribunal makes an Adverse Finding against a Member/Member Firm under the Accountancy Scheme, it can impose a range of sanctions. The available sanctions are contained within Appendix 1 to the Accountancy Scheme. The FRC also published specific sanctions guidance under the Accountancy Scheme.

This Practice Note provides an introduction to the different types of sanctions which can be imposed under the Accountancy Scheme after an Adverse Finding has been made. For information on how sanctions are reached, see Practice Notes: FRC—Accountancy Scheme—sanctions and FRC—Accountancy Scheme—factors considered when determining sanction.

For information on the process of making an Adverse Finding, see Practice Note: FRC—Disciplinary Tribunal.

Reprimands and Severe Reprimands

A Reprimand or Severe Reprimand is a formal sign of the Disciplinary Tribunal's disapproval of the Member/Member Firm's conduct which may be published in order to highlight its disapproval to the public and the profession.

Reprimands or Severe Reprimands do not impact the Member/Member Firm’s ability

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