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bruneilawsby aturio
In force2023 Revised Edition
Contents

Part · Disciplinary Proceedings

58. Revocation of approval etc. of accounting corporations, accounting firms and accounting Limited Liability Partnerships

(1)

If, at the conclusion of a formal inquiry, the Disciplinary

Committee is satisfied that —

(a)

an accounting corporation or any of its directors, an accounting firm or any of the partners therein, or an accounting

Limited Liability Partnership or any of the partners therein, has falsified or caused to be falsified any document, or has made or caused to be made any statement which is material and which the accounting corporation, accounting firm, accounting

Limited

Liability

Partnership, director or partner (as the case may be) knows is false or does not believe to be true in relation to any document;

(b)

an accounting corporation, accounting firm or accounting

Limited Liability Partnership has done or omitted to do something which, if done or omitted to be done by a public accountant, would be regarded as being improper or dishonourable conduct that would bring the profession of public accountancy into disrepute;

(c)

an accounting corporation, accounting firm or accounting

Limited Liability Partnership has carried on by itself or by any of its employees any trade, business or calling that detracts from the profession of public accountancy or is in any way incompatible with it, or is employed in any such trade, business or calling;

(d)

an accounting corporation, accounting firm or accounting

Limited Liability Partnership has rendered any public accountancy services under a name other than the name approved under section 23;

(e)

an accounting corporation or accounting Limited Liability

Partnership has provided public accountancy services without being covered by professional indemnity insurance to the extent required by section 33; or

(f)

an accounting corporation has contravened or failed to comply with any of the requirements for accounting corporations in section 31, 32 or 34 or in any of the rules,

Accountants 58

the Disciplinary Committee shall report its findings to the Authority and recommend to the Authority to take any of the steps referred to in subsections (2)(a) to (f).

(2)

Upon receiving the report and recommendation of the

Disciplinary Committee under subsection (1), the Authority may —

(a)

by order, revoke the approval granted to the accounting corporation, accounting firm or accounting Limited Liability

Partnership under Part 5;

(b)

by order, suspend the accounting corporation, accounting firm or accounting Limited Liability Partnership from providing public accountancy services for such period not exceeding 2 years as may be specified in the order;

(c)

by order, impose such conditions as are necessary to restrict the provision of public accountancy services by the accounting corporation, accounting firm or accounting Limited Liability

Partnership in such manner as the Authority thinks fit for a period not exceeding 2 years;

(d)

by order, impose on the accounting corporation, accounting firm or accounting Limited Liability Partnership a penalty not exceeding $100,000;

(e)

in writing censure the accounting corporation, accounting firm or accounting Limited Liability Partnership;

(f)

by order, require the accounting corporation, accounting firm or accounting Limited Liability Partnership to give such undertaking as the Authority thinks fit; or

(g)

make such other order as it thinks just and expedient in the circumstances of the case.

(3)

In addition to his powers under subsection (2), the Authority may order the accounting corporation, accounting firm or accounting Limited

Liability Partnership to pay to the Authority such sum as he thinks fit in respect of the costs and expenses of and incidental to any proceedings against the accounting corporation, accounting firm or accounting Limited

Liability Partnership under this Part, and the High Court shall have jurisdiction to tax such costs and any such order for costs shall be

Accountants enforceable as if it had been ordered in connection with a civil action in the

High Court.

(4)

Where an accounting corporation, accounting firm or accounting

Limited Liability Partnership in respect of which an order referred to in subsection (2)(c), (d) or (f) has been made fails to comply with any of the requirements imposed by the order or breaches any undertaking given by it pursuant to such order, the Authority may —

(a)

by order, revoke the approval granted to the accounting corporation, accounting firm or accounting Limited Liability

Partnership under Part 5; or

(b)

by order, suspend the accounting corporation, accounting firm or accounting Limited Liability Partnership from providing public accountancy services for a period not exceeding one year.

(5)

Where the Authority has made an order referred to in subsection

(2)

(c)

, the Authority may, if it thinks fit having regard to any change in circumstances, by another order revoke the original order or revoke or vary any of the conditions imposed by the original order.

(6)

Where the Authority has, under subsection (5), varied the conditions imposed by an order referred to in subsection (2)(c), the Registrar shall immediately serve on the accounting corporation, accounting firm or accounting Limited Liability Partnership a notice of the variation.

(7)

Any penalty referred to in subsection (2)(d) shall be recoverable as a debt due to the Authority from the accounting corporation, accounting firm or accounting Limited Liability Partnership.

(8)

A decision by the Authority under subsection (2), (3), (4) or (5)

shall not take effect —

(a)

until the expiration of one month from the date on which the decision has been communicated to the accounting corporation, accounting firm or accounting Limited Liability Partnership; or

(b)

where an appeal against the decision is made to the Minister under section 59, until the appeal has been determined or withdrawn.

(9)

While any accounting corporation, accounting firm or accounting

Limited Liability Partnership remains suspended from providing public

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accountancy services, it is deemed not to be approved as an accounting corporation, accounting firm or accounting Limited Liability Partnership under this Act, but immediately upon the expiry of the period of suspension, its rights and privileges as an accounting corporation, accounting firm or accounting Limited Liability Partnership shall be revived.

Report

Read on from s 59

Part

General

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Schedules