5. Functions and powers of Oversight Committee

keep and maintain —

a Register of Public Accountants;

a Register of Public Accounting Corporations;

a Register of Public Accounting Firms; (iv)a Register of Public Accounting Limited Liability Partnerships; and

any other registers that may be necessary for the purposes of this Act;

consider and, as appropriate, grant (whether unconditionally or subject to such conditions as it thinks fit) or reject —

all applications for registration made under Part 3; and

all applications for approval under Part 4;

assist the Authority in determining, prescribing and reviewing the requirements to be satisfied by individuals seeking to be registered as public accountants under Part 3;

conduct or arrange for the conduct of such examinations as it thinks necessary for the purposes of registering public accountants;

administer the continuing professional education programmes for public accountants;

administer the practice monitoring programmes under Part 5;

assist the Authority to determine, prescribe, issue, adopt and review —

the requirements to be applied by public accountants, accounting corporations, accounting firms and accounting LLPs in relation to —

the detection and prevention of money laundering, the financing of terrorism or proliferation financing; and

the recording and reporting of transactions suspected of involving money laundering, the financing of terrorism or proliferation financing,including any requirement necessary or expedient to give effect to any recommendation issued or adopted by the intergovernmental body known as the Financial Action Task Force relating to the prevention of money laundering, the financing of terrorism and proliferation financing;

the requirements in respect of professional conduct and ethics applicable to public accountants, accounting corporations, accounting firms and accounting LLPs when providing public accountancy services, other than the matters assigned to the Oversight Committee by the Authority and set out in the code of professional conduct and ethics prescribed by order under section 64AA(1)(a); and

the standards, methods, procedures and other requirements to be applied by public accountants, accounting corporations, accounting firms and accounting LLPs when providing public accountancy services, other than any standard, method, procedure or requirement which is of a class or description specified in the Second Schedule;

administer programmes to review the compliance by —

accounting corporations, accounting firms and accounting LLPs with the quality control standards as defined in section 38B; and

public accountants, accounting corporations, accounting firms and accounting LLPs with the requirements relating to the detection and prevention of money laundering, the financing of terrorism and proliferation financing,in accordance with Part 5A;

inquire into —

any complaint against any public accountant, accounting corporation, accounting firm or accounting LLP; or

any information relating to any professional misconduct on the part of any public accountant, accounting corporation, accounting firm or accounting LLP,and, if necessary, institute disciplinary proceedings in accordance with Part 6;

advise the Authority on any matter which relates to the profession of public accountancy; (ia)prescribe the code of professional conduct and ethics applicable to public accountants, accounting corporations, accounting firms and accounting LLPs;

prescribe any standard, method, procedure or other requirement which is of a class or description specified in the Second Schedule that is to be applied by public accountants, accounting corporations, accounting firms and accounting LLPs when providing public accountancy services; 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.