APRP Charter
1.0 Introduction
The Financial Reporting Council (FRC) is responsible for conducting practice reviews of licensed auditors and audit firms to determine whether a licensed auditor or an audit firm has complied with the IFAC Code of Professional Conduct and Ethics and any International Standards on Auditing. These functions shall be undertaken in such a manner as to promote the highest standards among licensed auditors, including licensing practices that promote the integrity and competence of auditors.
The Financial Reporting Act 2004 (FRA / the Act) prescribes the establishment of an Audit Practice Review function within the FRC and an Audit Practice Review Panel (APRP), which will undertake the review of the audit practice of licensed auditors in Mauritius.

2.0 Adoption of the Charter
This charter is adopted by the Audit Practice Review Panel (APRP) of the FRC on behalf of the Council of the Financial Reporting Council (FRC) with effect on and from the Effective Date.

3.0 Objects of Council
The objects of the Council shall be to:
(a) Promote the provision of high quality reporting of financial and non-financial information by public interest entities;
(b) Promote the highest standards among licensed auditors;
(c) Enhance the credibility of financial reporting; and
(d) Improve the quality of accountancy and audit services.
4.0 Functions of the FRC in relation to the Audit Practice Review

The functions of the FRC, related to the anticipated work in the conduct of audit practice reviews undertaken by the APRP, shall be to:
a) Monitor the practice of auditors with a view to maintaining high standards of auditing practices and ensuring compliance with the IFAC Code of Professional Conduct and Ethics;
b) Conduct practice reviews of licensed auditors;
c) Monitor and enforce compliance with auditing standards;
d) Enforce compliance with this Act and the rules of the Council by conducting investigations and where appropriate, imposing sanctions on licensed auditors;
e) ensure co-ordination and cooperation with international institutions in the development and enforcement of auditing standards;
f) participate in, and initiate the organisation of, activities which promote education and training in the fields of auditing;
g) encourage, and where appropriate, finance research into any matter affecting audit practices;
h) establish and administer such systems or schemes considered necessary or expedient for the discharge of its functions;
i) advise the Council and other panels of the FRC on any matter relating to auditing practices;
j) Provide information to and otherwise coordinate activities, as appropriate, with other panels of the FRC, including activities related to matters for corrective action;
k) Provide advisory, consultancy and information services on matters relating to its functions;
l) Perform such other duties or functions as the Council deems necessary for the purpose of this Act.
The APRP will further ensure that policies and systems are developed to communicate issues of importance, as appropriate, to the FRC.
5.0 Powers of Council
The following are the powers of the FRC related to Audit Practice Review:
(a) The Council shall have powers to do all things necessary or convenient to be done, for or in connection with the performance of its functions.
(b) Without prejudice to the generality of subsection (a) but subject to the Act, the
powers of the Council shall include the power to review the practice of an
auditor and may, for that purpose –
– Inspect of any book, document and record in the possession, or under
the control of the auditor, his partner or employee and make copies
of or take any abstract of or extract from any such book,
– seek information or clarification from any partner or designated
employee by the partner.
6.0 Panel of Experts
The Council shall, for the purposes of this Act, establish two panels of experts namely, an Audit Practice Review Panel and a Financial Reporting Monitoring Panel.
The panels shall consist of such employees of the Council, and such other persons not being members of the Council, that the FRC determines are necessary.

7.0 Audit Practice Review Panel
7.1 The Audit Practice Review Panel shall –
a) Conduct practice reviews of licensed auditors and other firms;
b) Determine, when conducting practice reviews, whether a licensed auditor or an
audit firm has complied with the IFAC Code of Professional Conduct and
ethics and any applicable auditing standards, as required under this Act.
7.2 The Audit Practice Review Panel shall, when conducting a practice review, inform the licensed auditor, audit firm, and any other entity which assisted or is assisting the licensed auditor or the audit firm in the discharge of his or its duties, that representations may be made to the panel.
7.3 The Audit Practice Review Panel shall, pursuant to the discharge of its duties, submit its findings and recommendations to Council for consideration.
7.4 Subject to this Act and the rules made by the Council, the Audit Practice Review Panel shall conduct its practice review in such manner as it thinks fit.
7.5 In the exercise of its functions, the APRP will have the power
(a) To require that licensed auditors and their audit firms submit to periodic
inspections of their audit practices in such form as set forth in the APRP
(b) To engage in discussions with licensed auditors and representatives of their
audit firms and issues arising from inspections of such practices.
8.0 Effective Date
This Charter is adopted by the FRC and is effective from June 2008.