Institute of Certified Accounting and Auditing Professionals
Громадська спiлка "Iнститут сертифiкованих професiоналiв облiку й аудиту"

Reprimands and other Disciplinary Penalties

According to Article 5 of the ICAAP Membership Regulations, the following types of disciplinary penalties can be applied to members, who violated the requirements of the Ukrainian legislation on accounting and auditing, the IFAC Code of Ethics of Professional Accountants, the ICAAP Statute, the Membership Regulations, or other internal ICAAP documents, decisions of the ICAAP governing bodies:

1) a reprimand;

2) lowering the status of an ICAAP member to another membership category with fewer rights and powers;

3) suspension of the ICAAP membership for a term up to one year;

4) termination of the ICAAP membership.

The decision to penalise an ICAAP member is made by the ICAAP Council in accordance with the disciplinary procedures, specified by the Statute and other ICAAP internal documents. Evidence that may indicate that an ICAAP member has violated the requirements of the Ukrainian legislation on accounting and auditing, the IFAC Code of Ethics for the Professional Accountants, the ICAAP Statute, the Membership Regulations and other ICAAP internal documents, the decisions of the ICAAP governing bodies should be considered by the relevant ICAAP Committees following the procedure approved by the ICAAP governing bodies. Aftewars, the evidence is submitted to the ICAAP Disciplinary Committee.

Based on the evidence review results, the Disciplinary Committee selects, approves, and submits  to the ICAAP Council the following proposals:

1) to apply of a specific type of disciplinary penalty to an ICAAP member;

2) to declare the lack of evidence for prosecuting an ICAAP member;

3) to provide the ICAAP member with a 60 calendar days term to eliminate  the committed violations and to consider the issue afterward.

ICAAP members, on which the ICAAP Board has decided to enforce a disciplinary action in the form of a reprimand or suspension of their ICAAP membership, are required to eliminate violations committed within the period, established by the ICAAP Council. In the case when the ICAAP Board decides to move an ICAAP member from one member category to another with fewer rights and powers (such as from the full membership to the associate membership), an ICAAP member may reinstate his prior membership status at any time if he eliminates violations that led to that decision.