The Public Accountants Oversight Committee (PAOC) promotes audit quality and protects the public interest through functions such as the registering of public accountants, the determining of standards and other professional requirements, as well as the administering of the Practice Monitoring Programme (PMP), complaints and disciplinary procedures. The PAOC meets on a monthly basis.
The PAOC was established under the Accountants Act (the “Act”) and assists ACRA in:
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Considering all applications for the registration of public accountants;
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Approving of accounting corporations, accounting firms, and accounting limited liability partnerships;
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Determining, prescribing and reviewing the requirements to be satisfied by people seeking to be registered as public accountants;
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Administering the continuing professional education programmes for public accountants;
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Administering the practice monitoring programmes under the Act;
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Determining, prescribing and reviewing the codes of professional conduct and ethics for public accountants and the standards, methods and procedures to be applied by public accountants when providing public accountancy services;
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Inquiring into any complaint, or information relating to any professional misconduct, against any public accountant, accounting corporation, accounting firm or accounting limited liability partnership, and, if necessary, institute disciplinary proceedings in accordance with the Act; and
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Advising ACRA on any matter which relates to the profession of public accountancy.