Cap. 281 Art. 7BDelegation of tasks.

(1) The Board may delegate any of the tasks required to be undertaken pursuant to this Act and the Audit Regulation to other authorities or bodies designated or otherwise authorised by law to carry out such tasks, except for tasks related to:

(a) the quality assurance systems referred to in Directive 4 Accountancy Profession (Quality Assurance);

(b) investigations arising from that quality assurance system or from a referral by another authority; and

(c) sanctions and measures related to the quality assurance reviews or investigation of auditors of public-interest entities.

(2) Any execution of tasks by other authorities or bodies shall be the subject of an express delegation by the Board. The delegation shall specify the delegated tasks and the conditions under which they are to be carried out. Where the Board delegates tasks to other authorities or bodies, it shall be able to reclaim these competences on a case-by-case basis.

(3) The authorities or bodies shall be organised in such a manner that there are no conflicts of interest. The ultimate responsibility for supervising compliance with the Audit Regulation, this Act and the implementing measures adopted pursuant thereto shall lie with the Board.