Chartered accountants are accustomed to continuous oversight of their work by regulators.  While regulatory supervision can often be a collaborative process, it does sometimes culminate in individual accountants and firms facing investigation or enforcement action, which can be lengthy (taking years), highly stressful, particularly felt by individuals, with significant reputational consequences.

Of late, accountancy regulators have shown an increased willingness to use close supervisory and enforcement tools. In response, accountants and firms facing enforcement action should ensure that their interests are protected during the life of any investigation or disciplinary process.