FRC—Accountancy Scheme—Disciplinary Tribunal
Produced in partnership with Thomas Daniel of 2 Bedford Row
FRC—Accountancy Scheme—Disciplinary Tribunal

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—Disciplinary Tribunal
  • Disciplinary proceedings
  • Conduct of Disciplinary Tribunals
  • Proof of convictions or adverse findings
  • The decision of the Disciplinary Tribunal

FRC—Accountancy Scheme—Disciplinary Tribunal

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.

Disciplinary proceedings

If the Executive Counsel delivers a Formal Complaint to the Conduct Committee, the next stage in the proceedings is the Disciplinary Tribunal. For information on the role of the Executive Counsel, see Practice Note: FRC—Executive Counsel decision on whether to bring Formal Complaint.

The Conduct Committee first serves the Formal Complaint on the Member/Member Firm concerned and then sends a copy to the Convener. The Convener is a person responsible for the appointment of tribunals under the Accountancy Scheme. The Executive Counsel and the Member/Member Firm will be notified of who has been appointed to the Disciplinary Tribunal for the case.

Disciplinary Tribunals are composed of either three or five individuals drawn from a panel of tribunal members. Appointment to the Tribunal Panel is for an initial period of at least three years which can be extended. Disciplinary Tribunals are comprised of a Chairman, a person who is neither a lawyer nor an accountant and accountant.

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