Section 19: Financial Reporting Monitoring Panel

19. Financial Reporting Monitoring Panel (1) The Financial Reporting Monitoring Panel shall be responsible for reviewing, analysing and identifying any failure on the part of any public interest entity to comply with any financial reporting and accounting standard, code or guideline issued under this Act, and with such other financial reporting and accounting standards as may be specified under the relevant enactments. (2) The Financial Reporting Monitoring Panel shall, in the discharge of its functions under subsection (1), inform the public interest entity in writing that it may make representations to the panel. (3) Subject to this Act and the rules made by the Council, the Financial Reporting Monitoring Panel shall conduct its monitoring exercise in such manner as it thinks fit. F9 – 11 [Issue 2] Financial Reporting Act (4) The Financial Reporting Monitoring Panel shall, where it identifies a failure on the part of the public interest entity, pursuant to the discharge of its duties under subsection (1), submit its findings and recommendations to the Enforcement Panel for consideration.