Clause 28

replace the section heading with —“Action by Oversight Committee against public accountant after conclusion of formal inquiry”;

in subsection (1), replace paragraph (e) with —“(e)has, while being a director of an accounting corporation or a partner of an accounting firm or accounting LLP, failed to take reasonable steps to prevent the accounting corporation, accounting firm or accounting LLP from acting in a manner that would warrant the Oversight Committee imposing any order on the accounting corporation, accounting firm or accounting LLP under section 53(2);”;

in subsection (1)(f)(i), after “a director”, insert “or an employee”;

in subsection (1)(f)(i), delete “or” at the end;

in subsection (1)(f), after sub‑paragraph (i), insert —“(ia)a partner, the sole‑proprietor or an employee of a firm which was not an accounting firm; or”;

in subsection (1)(f)(ii), after “a partner”, insert “or an employee”;

in subsection (1), replace paragraph (g) with —“(g)has, while being a director of an accounting corporation or partner of an accounting firm or accounting LLP, practised public accountancy at a time when it was not covered by any professional indemnity insurance at all or to the extent required by section 28; or”;

in subsection (2)(b), replace “the public accountant from practice” with “the public accountant’s registration”;

in subsection (4)(b), replace “he or she be suspended from practice” with “the public accountant’s registration be suspended”;

in subsection (10), replace “accounting corporation or accounting LLP” wherever it appears with “accounting corporation, accounting firm or accounting LLP”;

in subsection (10)(b), after “partner of the”, insert “accounting firm or”; and

in subsection (11), replace “accounting corporation or an accounting LLP” with “accounting corporation, accounting firm or accounting LLP”.