Section 44
Consequences of failure to pass practice review
(1)
Upon receiving the report of the Practice Monitoring
Sub-committee under section 43(2) and considering the recommendations therein, the Authority may —
(a)
take any one or more of the following actions —
(i)
by order, impose such conditions as are necessary to restrict the provision of public accountancy services by the public accountant in such manner as the Authority thinks fit for a period not exceeding 2 years;
(ii)
require the public accountant to undergo and satisfactorily complete such remedial programme as may be specified by the Authority;
(iii)
require the public accountant to take other steps as may be specified by the Authority to improve the practice of the public accountant or to give such undertaking as the
Authority thinks fit;
(iv)
make such other order as the Authority thinks necessary or expedient; or
(b)
if it is of the opinion that it is contrary to the public interest or the interest of the profession of public accountancy for the public accountant to continue in practice, or if the public accountant has failed to comply with any order or requirement of the Authority under paragraph (a) —
(i)
refuse to renew the registration of the public accountant;
(ii)
suspend the registration of the public accountant for a period not exceeding 2 years; or
(iii)
cancel the registration of the public accountant.
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(2)
The Authority shall not take any action under subsection (1)(b)
unless it has given the public accountant an opportunity to show cause against the action proposed to be taken by the Authority.
(3)
Where the Authority has made an order under subsection (1)(a), he may, if he 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.
(4)
Where the Authority has, under subsection (3), revoked an order referred to in subsection (1)(a) or revoked or varied any of the conditions imposed by such order, the Registrar shall forthwith serve on the public accountant concerned a notice of the revocation or variation.
(5)
A decision of the Authority under subsection (1)(b) shall not take effect —
(a)
until the expiration of one month from the date on which the decision has been communicated to the public accountant; or
(b)
where an appeal against the decision has been made to the
Minister under subsection (7), until the appeal has been determined or withdrawn.
(6)
While any public accountant remains suspended under subsection (1)(b)(ii), he is deemed not to be registered as a public accountant under this Act but immediately upon the expiry of his period of suspension, his rights and privileges as a public accountant shall forthwith be revived.
(7)
Any public accountant who is aggrieved by a decision of the
Authority to take action under subsection (1)(b) may appeal to the Minister within a period of 30 days (or such further period as the Authority may allow on application in any particular case) after the service of the Authority’s decision on the public accountant.
(8)
The decision of the Minister on an appeal under subsection (7)
is final.
Accountants
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