Part 42Statutory Auditors
Chapter 3Auditors General
Supervision of Auditors General
1229Supervision of Auditors General by the Independent Supervisor
1
The Independent Supervisor must supervise the performance by each Auditor General of his functions as a statutory auditor.
2
The Independent Supervisor must discharge that duty by—
a
entering into supervision arrangements with one or more bodies, and
b
overseeing the effective operation of any supervision arrangements entered into by it.
3
For this purpose “supervision arrangements” are arrangements entered into by the Independent Supervisor with a body, for the purposes of this section, in accordance with which the body does one or more of the following—
a
determines standards relating to professional integrity and independence which must be applied by an Auditor General in statutory audit work;
b
determines technical standards which must be applied by an Auditor General in statutory audit work and the manner in which those standards are to be applied in practice;
c
monitors the performance of statutory audits carried out by an Auditor General;
d
investigates any matter arising from the performance by an Auditor General of a statutory audit;
e
holds disciplinary hearings in respect of an Auditor General which appear to be desirable following the conclusion of such investigations;
f
decides whether (and, if so, what) disciplinary action should be taken against an Auditor General to whom such a hearing related.
4
The Independent Supervisor may enter into supervision arrangements with a body despite any relationship that may exist between the Independent Supervisor and that body.
5
The Independent Supervisor must notify each Auditor General in writing of any supervision arrangements that it enters into under this section.
6
Supervision arrangements within subsection (3)(f) may, in particular, provide for the payment by an Auditor General of a fine to any person.
7
Any fine received by the Independent Supervisor under supervision arrangements is to be paid into the Consolidated Fund.