The Accounting and Corporate Regulatory Authority (ACRA) has formalized disclosure requirements for public accountants and accounting firms concerning specific regulatory actions. Practice Direction No. 1 of 2024, issued on 9 July 2024, establishes a clear policy framework for the public disclosure of outcomes and orders arising under key regulatory oversight regimes.
The directive mandates disclosure pertaining to:
- Practice Review Outcomes: Findings and any resultant orders from ACRA’s practice reviews of individual public accountants.
- Quality Control Standards Review Outcomes: Findings and any resultant orders stemming from ACRA’s reviews of accounting entities’ compliance with quality control standards.
- Non-Compliance with PAOC Orders: Instances where public accountants or accounting entities fail to comply with orders issued by the Public Accountants Oversight Committee (PAOC).
This Practice Direction aims to enhance transparency within the accounting profession and provide stakeholders, including the public and business community, with accessible information regarding the regulatory standing of accounting practitioners and firms. The policy outlines the scope of information to be disclosed and the mechanisms for its publication.
Source: ACRA, 9 July 2024.