s.3Establishment and functions of Authority
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Section 3Part 0 —

Establishment and functions of Authority

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There is established an Authority to be called the Auditors Oversight Authority which shall be a body corporate and shall have perpetual succession and a common seal and may sue and be sued in its corporate name.
The principal functions of the Authority are — (a) to regulate and supervise auditors who audit the accounts of market traded companies or designated companies: (b) to regulate auditors who audit the accounts of Authority specified companies and have voluntarily registered as a recognised auditor pursuant to section 17A; (c) to make recognised auditors subject to the Authority’s systems of oversight, quality assurance, disciplinary action and investigation; and (d) to enter into arrangements to facilitate mutual assistance to overseas auditor oversight bodies in accordance with this Law.
to regulate and supervise auditors who audit the accounts of market traded companies or designated companies:
to regulate auditors who audit the accounts of Authority specified companies and have voluntarily registered as a recognised auditor pursuant to section 17A;
to make recognised auditors subject to the Authority’s systems of oversight, quality assurance, disciplinary action and investigation; and
to enter into arrangements to facilitate mutual assistance to overseas auditor oversight bodies in accordance with this Law.
The Authority shall carry on its business under the powers conferred by and in accordance with this Law and the Companies Law (2020 Revision), insofar as the provisions of such law are not in conflict with this Law.
The Authority shall exercise its functions and powers in a manner which ensures that it maintains operational independence from recognised auditors.

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