Accountants Act · s 2

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2.
Interpretation
In this Act, unless the context otherwise requires —
“accounting corporation” means a company approved as an accounting corporation under section 20;
“accounting firm” means a firm approved as an accounting firm under section 21;
“accounting limited liability partnership” means a limited liability partnership approved as an accounting limited liability partnership under section 22;
“Authority” means such person as is appointed by His Majesty the
Sultan and Yang Di-Pertuan under section 3(1) to be the Authority for the purposes of this Act;
“company” has the same meaning as in the Companies Act
(Chapter 39);
“corporate practitioner” —
(a) in relation to an accounting corporation, means a director or an employee of the corporation who is a public accountant and practising as such in that corporation;
(b) in relation to an accounting Limited Liability Partnership, means a partner or an employee of the accounting Limited Liability

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Partnership who is a public accountant and practising as such in that accounting Limited Liability Partnership;
“costs and expenses”, in relation to any disciplinary proceedings under
Part 7, includes —
(a) the costs and expenses of any legal assessor and any advocate and solicitor appointed by the Authority for proceedings before the Oversight Committee or a Disciplinary Committee;
(b) such reasonable expenses as the Oversight Committee may pay to witnesses; and
(c) such reasonable expenses as are necessary for, or incidental to, the institution and conduct of proceedings before a Disciplinary
Committee;
“Disciplinary Committee” means a Disciplinary Committee appointed under Part 7;
“Disciplinary Panel” means the Disciplinary Panel appointed under section 45(1);
“firm” means a sole proprietorship or partnership;
“Minister” means the Minister of Finance and Economy;
“Oversight Committee” means the Public Accountants Oversight
Committee appointed by the Authority under section 5(1);
“professional indemnity insurance” includes insurance indemnifying a public accountant, an accounting corporation, an accounting firm or an accounting Limited Liability Partnership against liability to compensate a third party who has sustained financial loss or any other damage or injury due to a breach of professional duty or to any professional negligence on the part of such public accountant, accounting corporation, accounting firm or accounting Limited
Liability Partnership, as the case may be (including any such negligence by any director of such accounting corporation or any partner of such accounting Limited Liability Partnership), or fraud or dishonesty;
“public accountancy services” means the audit and reporting on financial statements and the doing of such other acts that are required by any written law to be done by a public accountant;

Accountants

“public accountant” means a person who is registered in accordance with this Act as a public accountant;
“Register of Public Accountants” means the register kept and maintained under section 6(1)(a)(i);
“Register of Public Accounting Corporations” means the register kept and maintained under section 6(1)(a)(ii);
“Register of Public Accounting Firms” means the register kept and maintained under section 6(1)(a)(iii);
“Register of Public Accounting Limited Liability Partnerships” means the register kept and maintained under section 6(1)(a)(iv);
“Registrar” means the Registrar of Public Accountants appointed by
His Majesty the Sultan and Yang Di-Pertuan under section 10(1)(a)
and includes a Deputy Registrar and an Assistant Registrar appointed under section 10(1)(b);
“relevant particulars”, in relation to a public accountant, an accounting corporation, an accounting firm or an accounting Limited Liability
Partnership, means such particulars of the public accountant, accounting corporation, accounting firm or accounting Limited
Liability Partnership as the Authority may determine to be relevant for inclusion in the Register of Public Accountants, the Register of Public
Accounting Corporations, the Register of Public Accounting Firms or the Register of Public Accounting Limited Liability Partnerships, as the case may be;
“regulations” means regulations made under section 71;
“voting share”, in relation to a company or an accounting corporation, means an issued share in the company or accounting corporation other than —
(a) a share to which, in no circumstances, is there attached a right to vote; or
(b) a share to which there is attached a right to vote only in one or more of the following circumstances —
(i) during a period in which a dividend, or part of a dividend, in respect of the share is in arrears;
(ii) upon a proposal to reduce the share capital of the company or accounting corporation;

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(iii) upon a proposal that affects rights attached to the share;
(iv) upon a proposal to wind up the company or accounting corporation;
(v) upon a proposal for the disposal of the whole of the property, business and undertakings of the company or accounting corporation;
(vi) during the winding up of the company or accounting corporation.

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s 2Interpretation

In this Act, unless the context otherwise requires —

“accounting corporation” means a company approved as an accounting corporation under section 20;

“accounting firm” means a firm approved as an accounting firm under section 21;

“accounting limited liability partnership” means a limited liability partnership approved as an accounting limited liability partnership under section 22;

“Authority” means such person as is appointed by His Majesty the

Sultan and Yang Di-Pertuan under section 3(1) to be the Authority for the purposes of this Act;

“company” has the same meaning as in the Companies Act

(Chapter 39);

“corporate practitioner” —

(a)

in relation to an accounting corporation, means a director or an employee of the corporation who is a public accountant and practising as such in that corporation;

(b)

in relation to an accounting Limited Liability Partnership, means a partner or an employee of the accounting Limited Liability

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Partnership who is a public accountant and practising as such in that accounting Limited Liability Partnership;

“costs and expenses”, in relation to any disciplinary proceedings under

Part 7, includes —

(a)

the costs and expenses of any legal assessor and any advocate and solicitor appointed by the Authority for proceedings before the Oversight Committee or a Disciplinary Committee;

(b)

such reasonable expenses as the Oversight Committee may pay to witnesses; and

(c)

such reasonable expenses as are necessary for, or incidental to, the institution and conduct of proceedings before a Disciplinary

Committee;

“Disciplinary Committee” means a Disciplinary Committee appointed under Part 7;

“Disciplinary Panel” means the Disciplinary Panel appointed under section 45(1);

“firm” means a sole proprietorship or partnership;

“Minister” means the Minister of Finance and Economy;

“Oversight Committee” means the Public Accountants Oversight

Committee appointed by the Authority under section 5(1);

“professional indemnity insurance” includes insurance indemnifying a public accountant, an accounting corporation, an accounting firm or an accounting Limited Liability Partnership against liability to compensate a third party who has sustained financial loss or any other damage or injury due to a breach of professional duty or to any professional negligence on the part of such public accountant, accounting corporation, accounting firm or accounting Limited

Liability Partnership, as the case may be (including any such negligence by any director of such accounting corporation or any partner of such accounting Limited Liability Partnership), or fraud or dishonesty;

“public accountancy services” means the audit and reporting on financial statements and the doing of such other acts that are required by any written law to be done by a public accountant;

Accountants

“public accountant” means a person who is registered in accordance with this Act as a public accountant;

“Register of Public Accountants” means the register kept and maintained under section 6(1)(a)(i);

“Register of Public Accounting Corporations” means the register kept and maintained under section 6(1)(a)(ii);

“Register of Public Accounting Firms” means the register kept and maintained under section 6(1)(a)(iii);

“Register of Public Accounting Limited Liability Partnerships” means the register kept and maintained under section 6(1)(a)(iv);

“Registrar” means the Registrar of Public Accountants appointed by

His Majesty the Sultan and Yang Di-Pertuan under section 10(1)(a)

and includes a Deputy Registrar and an Assistant Registrar appointed under section 10(1)(b);

“relevant particulars”, in relation to a public accountant, an accounting corporation, an accounting firm or an accounting Limited Liability

Partnership, means such particulars of the public accountant, accounting corporation, accounting firm or accounting Limited

Liability Partnership as the Authority may determine to be relevant for inclusion in the Register of Public Accountants, the Register of Public

Accounting Corporations, the Register of Public Accounting Firms or the Register of Public Accounting Limited Liability Partnerships, as the case may be;

“regulations” means regulations made under section 71;

“voting share”, in relation to a company or an accounting corporation, means an issued share in the company or accounting corporation other than —

(a)

a share to which, in no circumstances, is there attached a right to vote; or

(b)

a share to which there is attached a right to vote only in one or more of the following circumstances —

(i)

during a period in which a dividend, or part of a dividend, in respect of the share is in arrears;

(ii)

upon a proposal to reduce the share capital of the company or accounting corporation;

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(iii)

upon a proposal that affects rights attached to the share;

(iv)

upon a proposal to wind up the company or accounting corporation;

(v)

upon a proposal for the disposal of the whole of the property, business and undertakings of the company or accounting corporation;

(vi)

during the winding up of the company or accounting corporation.