Singapore legislation
Clause 53
Clause 53
Revocation of approval, etc., of accounting corporations and accounting firms
(1)
If, at the conclusion of a formal inquiry, the Disciplinary Committee is satisfied that —
an accounting corporation or any of its directors, or an accounting firm or any of the partners therein, 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, 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 or accounting firm 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 or accounting firm 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 or accounting firm has rendered any public accountancy services under a name other than the name approved under section 19;
an accounting corporation 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 shall 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 or accounting firm under Part IV;
by order suspend the accounting corporation or accounting firm 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 the accounting corporation or accounting firm in such manner as the Oversight Committee thinks fit for a period not exceeding 2 years;
by order impose on the accounting corporation or accounting firm a penalty not exceeding $100,000;
by writing censure the accounting corporation or accounting firm;
by order require the accounting corporation or accounting firm to give such undertaking as the Disciplinary Committee thinks fit; or
make such other order as 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 or accounting firm 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 or accounting firm under this Part and the High Court shall have jurisdiction to tax such costs and any such order for costs shall be enforceable as if it were ordered in connection with a civil action in the High Court.
(4)
Where an accounting corporation or accounting firm in respect of which an order referred to 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, if it thinks fit —
by order revoke the approval granted to the accounting corporation or accounting firm under Part IV; or
by order suspend the accounting corporation or accounting firm 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 referred to in subsection (2) (c), the Oversight Committee may, if it thinks fit 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 referred to in subsection (2) (c), the Registrar shall immediately serve on the accounting corporation or accounting firm concerned a notice of the variation.
(7)
Any penalty referred to in subsection (2) (d) shall be recoverable as a debt due to the Authority from the accounting corporation or accounting firm concerned.
(8)
A decision by the Oversight Committee under subsection (2), (3), (4) or (5) shall not take effect —
until the expiration of one month from the date on which the decision has been communicated to the accounting corporation or accounting firm concerned; or
where an appeal against the decision is made to the High Court under section 54, until the appeal has been determined or withdrawn.
(9)
While any accounting corporation or accounting firm remains suspended from providing public accountancy services, it shall be deemed not to be approved as an accounting corporation or accounting firm under this Act but immediately upon the expiry of the period of suspension, its rights and privileges as an accounting corporation or accounting firm shall immediately be revived.