Schedule 10, Part 2, paragraph 12(3)

The arrangements for enforcement must— make provision for that function to be performed by the competent authority or any body to whom that authority has delegated tasks in accordance with regulation 3 of the Statutory Auditors and Third Country Auditors Regulations 2016; include provision for sanctions which include— the withdrawal of eligibility for appointment as a statutory auditor; a notice requiring the person responsible for any breach to cease the conduct amounting to a breach and to abstain from repeating such conduct; a public statement identifying the person responsible for any breach and the nature of the breach (which may take the form of a reprimand or a severe reprimand); a temporary prohibition preventing a person responsible for any breach from carrying out statutory audits or signing audit reports; a temporary prohibition of up to three years preventing a person responsible for any breach from exercising specified functions in a firm that is eligible for appointment as a statutory auditor or in a public interest entity; a declaration that the audit report does not satisfy the audit reporting requirements and, where appropriate, a declaration as to the proportion of the audit fee that is not payable as a result; an appropriate financial penalty; a requirement to take action to mitigate the effect or prevent the recurrence of the contravention; exclusion from membership of the body; and include provision for the body to make available to the public information relating to the steps it has taken to ensure the effective enforcement of its rules.

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Source: legislation.gov.uk · retrieved 2026-09-04