Contents of Section

Chapter:

588 PDFTitle:FINANCIAL REPORTING COUNCIL ORDINANCEGazette Number:L.N. 104 of 2007
Section:23Heading:Initiating investigation concerning relevant irregularityVersion Date:16/07/2007


(1) If it appears to the Council that there are circumstances suggesting that there is an auditing irregularity in relation to a listed entity, and the Council certifies in writing to that effect¡X

        (a) the Council may, for the purpose of investigating the irregularity or the question whether or not there is such an irregularity, exercise the powers under sections 25 and 27 and Division 3; or
        (b) the Council may, in writing, direct the Investigation Board to investigate, with those powers, the irregularity and the question whether or not there is such an irregularity.
(2) If it appears to the Council that there are circumstances suggesting that there is a reporting irregularity in relation to a listed entity, and the Council certifies in writing to that effect¡X
        (a) the Council may, for the purpose of investigating the irregularity or the question whether or not there is such an irregularity, exercise the powers under sections 26 and 27 and Division 3; or
        (b) the Council may, in writing, direct the Investigation Board to investigate, with those powers, the irregularity and the question whether or not there is such an irregularity.
(3) If the Council has reasonable cause to believe, and certifies in writing that it has reasonable cause to believe, that there is or may be a relevant irregularity in relation to a listed entity¡X
        (a) the Council may, for the purpose of investigating the irregularity or the question whether or not there is such an irregularity, exercise the powers under section 28 and Division 3; or
        (b) the Council may, in writing, direct the Investigation Board to investigate, with those powers, the irregularity and the question whether or not there is such an irregularity.
(4) After having directed the Investigation Board to conduct an investigation under subsection (1)(b), (2)(b) or (3)(b), the Council may direct the Board to cease the investigation.
(5) The Investigation Board shall comply with a direction under subsection (1)(b), (2)(b), (3)(b) or (4).
(6) If the Investigation Board is directed under paragraph (b) of subsection (1), (2) or (3) to conduct an investigation concerning a relevant irregularity, the Council shall not, for the purpose of investigating the irregularity or the question whether or not there is such an irregularity, exercise the powers referred to in paragraph (a) of that subsection.