Accountants Act 2004 · 2020 Revised Edition · Part 5A · Review of Compliance with Quality Control Standards and Requirements to Detect and Prevent Money Laundering, Terrorism Financing and Proliferation Financing
38C. Composition of Oversight Committee for this Part
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For the purposes of this Part, unless the context otherwise requires, a reference to the Oversight Committee means the Oversight Committee without any of its members who are public accountants.
Oversight Committee
“Oversight Committee” means the Public Accountants Oversight Committee appointed by the Authority under section 4;
A member of the Oversight Committee who is a public accountant must not, directly or indirectly, by himself or herself or by any other person in any manner whatsoever influence or attempt to influence —
public accountant
“public accountant” means an individual who is registered or deemed to be registered in accordance with this Act as a public accountant;
the performance of any of the functions of the Oversight Committee under this Part; or
any deliberation or decision of, or order made or to be made by, the Oversight Committee under this Part.
Despite anything in the First Schedule, the Authority may, where the Authority considers it necessary that the Chairperson not act as the Chairperson for the purposes of this Part or for any other reason, appoint another member of the Oversight Committee who is not a public accountant to take the place of the Chairperson for the purposes of this Part and in such a case that other member —
must act as and discharge the duties of the Chairperson for the purposes of this Part; and
has the powers of the Chairperson —
specified in paragraph 7 of the First Schedule in relation to any meeting of the Oversight Committee for the purposes of this Part; and
to authenticate the common seal specified in paragraph 8 of the First Schedule where necessary for the purposes of this Part.