An independent body which conducts hearings to determine whether registered auditors and liquidators have contravened provisions of the Corporations Law, have failed to carry out their duties and functions adequately and properly, are otherwise not a fit and proper person to remain registered, or are subject to disqualification or an ineligibility to remain registered. All applications to the board are made by the Australian Securities and Investments Commission. The board may cancel or suspend a person's registration and in some circumstances may admonish or reprimand a registered person and/or require the person to give an undertaking.