The Financial Reporting Council (FRC), pursuant to the Financial Reporting Act (“FRA”), has the statutory authority and responsibility for ensuring, inter alia, that:
(i) the annual reports of every Public Interest Entity (PIE) comply with International Financial Reporting Standards (IFRS) and the disclosure and reporting requirements specified in the Code of Corporate Governance for Mauritius; and
(ii) licensed auditors and audit firms comply with the requirements of the FRA, and the rules and guidelines issued by FRC.
The functions of the EP, as specified in Section 21 of the FRA, are:
(i) to consider any findings and recommendations referred to it by the Financial Reporting Monitoring Panel (FRMP), the Audit Practice Review Panel (APRP), or the FRC;
(ii) to determine the appropriate action to be taken, on the basis of findings and recommendations referred in (i) above;
(iii) within 15 days of the receipt of the findings and recommendations referred to it under (i) above, to notify the PIE, the licensed auditor, as the case may be, of its decision.
The action determined by the EP under paragraph 3.0, subparagraph (ii) may include the imposition of measures to
(a) enforce compliance with financial reporting, accounting and auditing standards;
(b) enforce compliance with the FRA and the rules and guidelines issued by the FRC ;
(c) ensure compliance with the Code of Corporate Governance.
The EP will have such powers as have been assigned to it by the FRC under the FRA, including the power to –
(a) determine the appropriate action based on findings and recommendations referred to it by the Financial Reporting Monitoring Panel, the Audit Practice Review Panel or the FRC;
(b) notify the PIE , the licensed auditor of its decision.