Section 5: Functions of Council

5. Functions of Council The functions of the Council shall be to— (a) ensure, where applicable, the adoption of IFRS and the International Auditing and Assurance Standards; (b) monitor the truth and fairness of financial reporting; (c) monitor the practice of auditors with a view to maintaining high standards of professional conduct; (d) monitor and enforce compliance with financial reporting, accounting and auditing standards; (e) provide advisory, consultancy and informational services on any matter related to its functions; (f) license auditors and establish and maintain a register of licensed auditors; (g) monitor compliance with the reporting requirements specified in the Code of Corporate Governance and in any other guidelines issued by the National Committee on Corporate Governance; (h) ensure coordination and co-operation with international institutions in the development and enforcement of financial reporting, accounting and auditing standards; (i) ensure compliance with the standards issued by the IASB and the IFAC; (j) participate in, and initiate the organisation of, activities which promote education and training in the fields of accounting and auditing; (k) conduct practice reviews of licensed auditors; (l) review the financial statements and reports of a public interest entity; (m) encourage, and where appropriate, finance research into any matter affecting financial reporting, accounting, auditing, and corporate governance; (n) enforce compliance with this Act and the rules of the Council by conducting investigations and where appropriate, impose sanctions on licensed auditors, public interest entities and officers of such entities; (o) establish and administer such systems or schemes as the Council may consider necessary or expedient for the discharge of its functions; (p) engage in any activity, either alone or in conjunction with any other organisation or agency, whether local or international, that is connected with or that is conducive to the discharge of its functions; [Issue 9] F9 – 6 Revised Laws of Mauritius (q) advise the Minister generally on any matter relating to financial and non-financial reporting, accounting and auditing; and (r) perform such other functions as the Council considers necessary for the purposes of this Act. [S. 5 amended by s. 10 (b) of Act 18 of 2008 w.e.f. 19 July 2008.]