Section 23: Review Committee
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.
23. Review Committee
(1) The Council shall, within 14 days of the receipt of the objection from
the public interest entity, licensed auditor or audit firm, establish an ad hoc
Review Committee to consider the grounds of objection raised by the public
interest entity, the licensed auditor or the audit firm, as the case may be.
(2) The Review Committee shall consist of a Chairperson and 2 other
members, who shall have not less than 10 years’ proven experience and
knowledge in the field of business, finance, accountancy or law.
(3) The Chairperson and other members of the Review Committee shall
not, in the discharge of their functions and duties under this Act, be subject
to the direction or control of the Council.
(4) The members of the Review Committee shall be appointed by the
Council on such terms and conditions as it thinks fit.
(5) In considering any ground of objection, the Review Committee may
require—
(a) the public interest entity, the licensed auditor or the audit firm,
as the case may be, to make written representations within a period of 14 days of being notified; and
(b) any of the panels of experts to provide such clarification as it
thinks fit.
(6) Where the public interest entity, the licensed auditor or the audit firm
fails to make written representations to the Review Committee within the
period of 14 days, the Review Committee may, on good cause shown by the
entity, auditor or the firm, as the case may be, extend the delay for making
representations under subsection (5) (a).
(7) The Review Committee shall make a determination within 60 days of
the date on which the members of the Review Committee are appointed.
(8) (a) The Review Committee may confirm, amend, vary or quash the
decision of the Enforcement Panel.
(b) Any determination of the Review Committee shall be by simple
majority of the members of the Committee.
(c) The Review Committee shall make a report of its findings and
recommendations to the Council.
(9) The Council shall endorse the recommendation of the Review Committee, unless it considers that the recommendation is manifestly unreasonable.
(10) The Council shall inform the party having lodged an objection of its
final decision as soon as is reasonably practicable.
[S. 23 amended by s. 10 (f) of Act 18 of 2008 w.e.f. 19 July 2008.]
F9 – 13 [Issue 2]
Financial Reporting Act