Singapore legislation
Section 53
Section 53
Revocation of approval, etc., of accounting corporations, accounting firms and accounting LLPs
(1)
If, at the conclusion of a formal inquiry, the Disciplinary Committee is satisfied that —
an accounting corporation or any of its directors, an accounting firm or any of the partners in the accounting firm, or an accounting LLP or any of the partners in the accounting LLP, 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 LLP, director or partner (as the case may be) knows is false or does not believe to be true in relation to any document;
an accounting corporation, accounting firm or accounting LLP 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;
an accounting corporation, accounting firm or accounting LLP 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;
an accounting corporation, accounting firm or accounting LLP has rendered any public accountancy services under a name other than the name approved under section 19;
an accounting corporation or accounting LLP has provided public accountancy services without being covered by professional indemnity insurance at all or to the extent required by section 28; or
an accounting corporation has contravened or failed to comply with the requirements for accounting corporations in section 26, 27 or 29 or in any of the rules,the Disciplinary Committee must report its findings to the Oversight Committee and recommend to the Oversight Committee to take any of the actions referred to in subsection (2)(a) to (f).
(2)
Upon receiving the report and recommendation of the Disciplinary Committee under subsection (1), the Oversight Committee may —
by order revoke the approval granted to the accounting corporation, accounting firm or accounting LLP under Part 4;
by order suspend the accounting corporation, accounting firm or accounting LLP from providing public accountancy services for a period not exceeding 2 years as may be specified in the order;
by order impose such conditions as are necessary to restrict the provision of public accountancy services by the accounting corporation, accounting firm or accounting LLP in such manner as the Oversight Committee thinks fit for a period not exceeding 2 years;
by order impose on the accounting corporation, accounting firm or accounting LLP a penalty not exceeding $100,000;
by writing censure the accounting corporation, accounting firm or accounting LLP;
by order require the accounting corporation, accounting firm or accounting LLP to give such undertaking as the Disciplinary Committee thinks fit; or
make any other order that it thinks just and expedient in the circumstances of the case.
(3)
In addition to its powers under subsection (2), the Oversight Committee may order the accounting corporation, accounting firm or accounting LLP concerned to pay to the Authority such sums as it thinks fit in respect of costs and expenses of and incidental to any proceedings against the accounting corporation, accounting firm or accounting LLP under this Part and the General Division of the High Court has jurisdiction to tax such costs and any such order for costs is enforceable as if it were ordered in connection with a civil action in the General Division of the High Court.
(4)
Where an accounting corporation, accounting firm or accounting LLP in respect of which an order mentioned in subsection (2)(c), (d) or (f) has been made fails to comply with any of the requirements imposed on it by the order or breaches any undertaking given by it pursuant to such order, the Oversight Committee may —
by order revoke the approval granted to the accounting corporation, accounting firm or accounting LLP under Part 4; or
by order suspend the accounting corporation, accounting firm or accounting LLP from providing public accountancy services for such period not exceeding 12 months as may be specified in the order.
(5)
Where the Oversight Committee has made an order mentioned in subsection (2)(c), the Oversight Committee may, 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 Oversight Committee has, under subsection (5), varied the conditions imposed by an order mentioned in subsection (2)(c), the Registrar must immediately serve on the accounting corporation, accounting firm or accounting LLP concerned a notice of the variation.
(7)
Any penalty mentioned in subsection (2)(d) is recoverable as a debt due to the Authority from the accounting corporation, accounting firm or accounting LLP concerned.
(8)
A decision by the Oversight Committee under subsection (2), (3), (4) or (5) does not take effect —
until the expiry of one month from the date on which the decision has been communicated to the accounting corporation, accounting firm or accounting LLP concerned; or
where an appeal against the decision is made to the General Division of the High Court under section 54, until the appeal has been determined or withdrawn.
(9)
While any accounting corporation, accounting firm or accounting LLP remains suspended from providing public accountancy services, it is deemed not to be approved as an accounting corporation, accounting firm or accounting LLP 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 LLP are revived.