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Financial Reporting Act

consolidated text (as at 2016, amended since). juris shows the text as it was consolidated; it does not confirm that this is the law in force today.

Later amending instruments held: Finance (Miscellaneous Provisions) Act 2017 (Act No 10 of 2017), Finance (Miscellaneous Provisions) Act 2018 (Act No 11 of 2018), Anti-Money Laundering and Combatting the Financing of Terrorism and Proliferation (Miscellaneous Provisions) Act 2019 (Act No 9 of 2019), Finance (Miscellaneous Provisions) Act 2019 (Act No 13 of 2019), Anti-Money Laundering and Combatting the Financing of Terrorism (Miscellaneous Provisions) Act 2020, Covid-19 (Miscellaneous Provisions) Act 2020, Finance (Miscellaneous Provisions) Act 2020, Finance (Miscellaneous Provisions) Act 2021 (Act No 15 of 2021), Finance (Miscellaneous Provisions) Act 2022 (Act No 15 of 2022), Finance (Miscellaneous Provisions) Act 2024 (Act No. 11 of 2024), Anti-Money Laundering, Combatting the Financing of Terrorism and Countering Proliferation Financing (Miscellaneous Provisions) Act 2026 (Act No. 3 of 2026).

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Sections

  1. 1 Short title
  2. 2 Interpretation
  3. PART II: ESTABLISHMENT OF FINANCIAL REPORTING COUNCIL
  4. 3 Financial Reporting Council
  5. 4 Objects of Council
  6. 5 Functions of Council
  7. 6 Powers of Council
  8. 7 Constitution of Council
  9. 8 Disqualification from membership
  10. 9 Term of office
  11. 10 Vacation of office
  12. 11 Filling of vacancies
  13. 12 Meetings of Council
  14. 13 Decisions of Council
  15. 14 The Chief Executive Officer and other staff of Council
  16. 15 Delegation of powers
  17. 16 Committees
  18. 17 Panel of experts
  19. 18 Standards Review Panel
  20. 19 Financial Reporting Monitoring Panel
  21. 20 Audit Practice Review Panel
  22. 21 Enforcement Panel
  23. 22 Objections to decisions of Enforcement Panel
  24. 23 Review Committee
  25. 23A AML/CFT Monitoring Panel inserted by Act No 9 of 2019
  26. 23B Application for review before Review Panel inserted by Act No 9 of 2019
  27. PART II: ESTABLISHMENT OF FINANCIAL REPORTING COUNCIL
  28. 24 Rules and codes of practice
  29. 25 Code of Ethics
  30. 26 Co-operation mechanism
  31. 27 Disclosure of information
  32. 28 Protection from liability
  33. 29 Accountability of Council
  34. 30 Funding
  35. 31 Exemptions
  36. 32 Powers of Minister
  37. PART III: LICENSING OF AUDITORS
  38. 33 Licensing of auditors
  39. 34 Duration of licence
  40. 35 Audit practice by firm
  41. 35A Obligation to comply with guidelines issued by FIU
  42. 36 Change of name
  43. 37 Unauthorised audit practice
  44. 38 Refusal to license auditors
  45. 39 Auditor’s report and opinion
  46. 40 Material irregularity
  47. 41 Independence of auditor
  48. 41A Rotation of audit firm
  49. 41A Rotation of audit firm inserted by Act No 18 of 2016
  50. PART III: LICENSING OF AUDITORS
  51. 42 Conflict of interest
  52. 43 Sanctions on licensed auditors
  53. PART IV: THE MAURITIUS INSTITUTE OF PROFESSIONAL ACCOUNTANTS
  54. 44 Establishment of Mauritius Institute of Professional Accountants
  55. 45 Objects of Mauritius Institute of Professional Accountants
  56. 46 Functions of Mauritius Institute of Professional Accountants
  57. 47 Board of Mauritius Institute of Professional Accountants
  58. 48 Meetings of Board
  59. 49 Powers of Board
  60. 50 Registers
  61. 51 Registration of professional accountants
  62. 52 Registration of public accountants
  63. 53 Refusal to register professional or public accountants
  64. 54 Registration of member firms
  65. 55 Certificate of registration and practising certificate
  66. 55A Obligation to comply with guidelines issued by FIU
  67. 55A Obligations to comply with guidelines issued by inserted by Act No 5 of 2020
  68. 55B Inspections inserted by The Anti-money Laundering, Combatting the Financing of Terrorism and Countering Proliferation Financing (Miscellaneous Provisions) Act
  69. 55B Inspections inserted by Act No 3 of 2026
  70. 55C Directions inserted by The Anti-money Laundering, Combatting the Financing of Terrorism and Countering Proliferation Financing (Miscellaneous Provisions) Act
  71. 55C Directions inserted by Act No 3 of 2026
  72. 55D Compounding of offences inserted by The Anti-money Laundering, Combatting the Financing of Terrorism and Countering Proliferation Financing (Miscellaneous Provisions) Act
  73. 55D Compounding of offences inserted by Act No 3 of 2026
  74. PART IV: THE MAURITIUS INSTITUTE OF PROFESSIONAL ACCOUNTANTS
  75. 56 Cancellation or suspension of registration
  76. 57 Renewal of registration
  77. 58 Change in particulars of Register
  78. 59 Rules of Mauritius Institute of Professional Accountants
  79. 60 Fund and property of Mauritius Institute of Professional Accountants
  80. 61 Accountability of Mauritius Institute of Professional Accountants
  81. 62 Appointment of auditor
  82. PART V: THE NATIONAL COMMITTEE ON CORPORATE GOVERNANCE
  83. 63 Establishment of National Committee on Corporate Governance
  84. 64 Objects of National Committee on Corporate Governance
  85. 65 Functions of National Committee on Corporate Governance
  86. 66 Composition of National Committee on Corporate Governance
  87. 67 Meetings of National Committee on Corporate Governance
  88. 68 Funding of National Committee on Corporate Governance
  89. 69 Accountability of National Committee on Corporate Governance
  90. 69A Registration of public interest entities inserted by Finance (Miscellaneous Provisions) Act
  91. 69A Registration of public interest entities inserted by Act No 11 of 2024
  92. PART V: THE NATIONAL COMMITTEE ON CORPORATE GOVERNANCE
  93. 70 Objects of Mauritius Institute of Directors
  94. 71 Annual report of Mauritius Institute of Directors
  95. PART VI: SETTING OF STANDARDS AND MONITORING
  96. 72 Financial reporting and accounting standards
  97. 73 Auditing standards
  98. 74 Publication of standards, rules and guidelines
  99. 75 Compliance by public interest entities
  100. 76 Monitoring of financial statements, annual report and report on corporate governance
  101. 77 Practice review of auditors
  102. 78 Power of investigation
  103. 79 Sanctions on public interest entities
  104. 80 Publication
  105. 81 Referral to police
  106. 82 Appeals
  107. 83 Compounding of offences inserted by Act No 15 of 2021
  108. PART VII: MISCELLANEOUS MATTERS
  109. 86 Regulations
  110. FIRST SCHEDULE
  111. 1 Entities listed on the Stock Exchange of Mauritius
  112. 2 Financial institutions, other than cash dealers, regulated by the Bank of Mauritius
  113. 3 Financial institutions regulated by the Financial Services Commission, from
  114. 4
  115. 5 Agricultural Marketing Board established under the Mauritius Agricultural
  116. 6 Beach Authority established under the Beach Authority Act
  117. 7 Central Electricity Board constituted under the Central Electricity Board Act
  118. 8 Central Water Authority established under the Central Water Authority Act
  119. 9 Gambling Regulatory Authority established under the Gambling Regulatory
  120. 10 Irrigation Authority established under the Irrigation Authority Act
  121. 11 Mauritius Broadcasting Corporation established under the Mauritius Broadcasting Corporation Act
  122. 12 Mauritius Cane Industry Authority established under the Mauritius Cane
  123. 13 Mauritius Meat Authority established under the Meat Act
  124. 14 Mauritius Ports Authority established under the Ports Act
  125. 15 National Transport Corporation established under the National Transport
  126. 16 Road Development Authority established under the Road Development
  127. 17 Rose Belle Sugar Estate Board established under the Rose Belle Sugar Estate
  128. 18 State Trading Corporation established under the State Trading Corporation
  129. 19 Sugar Insurance Fund established under the Sugar Insurance Fund Act
  130. 20 Waste Water Management Authority established under the Waste Water