The principal function of the authority under the new legislation will be to supervise how the prescribed accountancy bodies regulate and monitor their members. In addition, the authority will have the power to intervene in the disciplinary process of the accountancy bodies where it deems necessary, carry out independent investigations in public interest areas, and apply to the courts to compel the directors of a company to amend accounts that are not in line with accounting standards. In addition, the authority will be given the responsibility of promoting adherence to high professional standards in the auditing and accountancy profession.