Accountants Act · 2023 Revised Edition · Part · Administration of Act
7. Functions and powers of Oversight Committee
Official textFrom Attorney General's Chambers, unchanged
The Oversight Committee shall assist the Authority in the discharge of the Authority’s functions under section 6 and, in so doing, shall —
Oversight Committee
“Oversight Committee” means the Public Accountants Oversight Committee appointed by the Authority under section 5(1);
assist the Authority in determining, prescribing and reviewing the requirements to be satisfied by persons seeking to be registered as public accountants under Part 4;
administer the practice monitoring programmes under Part 6;
Accountants
inquire into —
any complaint against any public accountant, accounting corporation, accounting firm or accounting Limited
Liability Partnership, or
any information relating to any professional misconduct on the part of any public accountant, accounting corporation, accounting firm or accounting Limited
Liability Partnership, and if necessary, institute disciplinary proceedings in accordance with Part 7;
assist the Authority in determining, prescribing and reviewing —
the codes of professional conduct and ethics for public accountants; and
the standards, methods and procedures to be applied by public accountants when providing public accountancy services;
advise the Authority on any matter which relates to the profession of public accountancy; and
generally do all such acts, matters and things as are necessary to be carried out, or which the Oversight Committee is authorised to carry out, under this Act.
Subject to any general or special direction given by the Authority, the Oversight Committee shall have the powers to do anything for the purpose of discharging its functions under this Act, or which is incidental or conducive to the discharge of those functions.
Authority
“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;
Terms defined in s 2
accounting corporation
Defined · s 2“accounting corporation” means a company approved as an accounting corporation under section 20;
accounting firm
Defined · s 2“accounting firm” means a firm approved as an accounting firm under section 21;
accounting limited liability partnership
Defined · s 2“accounting limited liability partnership” means a limited liability partnership approved as an accounting limited liability partnership under section 22;
Authority
Defined · s 2“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;
Oversight Committee
Defined · s 2“Oversight Committee” means the Public Accountants Oversight Committee appointed by the Authority under section 5(1);
public accountancy services
Defined · s 2“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;
public accountant
Defined · s 2“public accountant” means a person who is registered in accordance with this Act as a public accountant;
Part
Registration of Public Accountants
Part
Accounting Corporations, Accounting Firms and Accounting Limited Liability Partnerships
Part
Practice Monitoring Programme
Part
Disciplinary Proceedings
Part