Clause 11

Where the Board, upon consideration of the report of an Inquiry Committee, is satisfied that —

an accounting corporation or any of its directors has falsified or caused to be falsified any document, or has made or caused to be made any statement which is material and which it or the director knows is false or does not believe to be true in relation to any document;

an accounting corporation has done or omitted to do something which, if the act or omission be 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 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 has rendered any public accountancy services under a name other than the name approved under section 18B;

an accounting corporation has provided public accountancy services without being covered by professional indemnity insurance at all or to the extent required by section 18J; or

the accounting corporation has contravened or failed to comply with the requirements for accounting corporations in section 18H, 18I or 18K or in any rules made under section 58,the Board may, after giving the accounting corporation concerned a reasonable opportunity of being heard (either by counsel or representative in writing), exercise one or more of the powers referred to in subsection (2).(2) The powers the Board may exercise under subsection (1) are as follows:

by order revoke its approval of an accounting corporation;

by order suspend an accounting corporation from providing public accountancy services for such 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 an accounting corporation in such manner as the Board thinks fit for a period not exceeding 2 years;

by order impose on an accounting corporation a penalty not exceeding $100,000;

by writing censure an accounting corporation; or

by order require an accounting corporation to give such undertaking as the Board thinks fit.(3) Where an accounting corporation, in respect of whom an order referred to in subsection (2)(c) or (f) is made, is adjudged by the Board to have failed to comply with any of the requirements imposed on it as conditions or to have breached its undertaking, the Board may, if it thinks fit, decide —

by order to revoke its approval of the accounting corporation; or

by order to suspend the accounting corporation from providing public accountancy services for such period not exceeding 12 months as may be specified in the order.(4) Where the Board has made an order referred to in subsection (2)(c), the Board may by another order revoke the order or revoke or vary any of the conditions imposed by the order.(5) Where the Board has, pursuant to subsection (4), varied the conditions imposed by an order referred to in subsection (2)(c), the Registrar shall forthwith serve on the person to whom the order applies a notice of the variation.(6) Any penalty referred to in subsection (2)(d) and any costs and expenses ordered to be paid by the Board under section 20A(3) shall be recoverable as debts due to the Board from the accounting corporation concerned.(7) A decision by the Board under subsection (1), (3) or (4) shall not take effect —

until the expiration of one month from the date on which the decision has been communicated to the accounting corporation concerned; or

where an appeal against the decision is made to the High Court under section 22, until the appeal has been determined or withdrawn.(8) While any accounting corporation remains suspended from providing public accountancy services, it shall be deemed not to be approved as an accounting corporation under this Act but immediately upon the expiry of the period of suspension, its rights and privileges as an accounting corporation shall forthwith be revived.(9) The Board may appoint a legal assessor who may be present at any hearing into any matter to advise the Board on all matters of law.(10) The Board may, where it thinks fit, require the Inquiry Committee to consider further evidence and meet for that purpose except that the accounting corporation concerned shall be given not less than 14 days’ notice of such further meeting of the Inquiry Committee.”.