Section 50
Proceedings of Oversight Committee
(1)
The Oversight Committee may regulate its own procedure.
(2)
Any resolution or decision in writing signed by the chairman and all the members of the Oversight Committee shall be as valid and effectual as if it had been made or reached at a meeting of the Oversight Committee where the chairman and all its members were present.
(3)
Where the Oversight Committee is of the opinion that a public accountant, accounting corporation, accounting firm or an accounting
Limited Liability Partnership should be called upon to answer any allegation made against him or it, the chairman of the Oversight Committee shall serve
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on the public accountant, accounting corporation, accounting firm or accounting Limited Liability Partnership —
(a)
copies of the complaint or information against him or it and any statutory declaration or affidavit that has been made in support of the complaint or information; and
(b)
a notice inviting the public accountant, accounting corporation, accounting firm or accounting Limited Liability
Partnership, within such period (not being less than 14 days) as may be specified in the notice, to give to the Oversight Committee any written explanation he or it may wish to offer.
(4)
The public accountant, accounting corporation, accounting firm or accounting Limited Liability Partnership shall not have the right to be heard by the Oversight Committee, whether in person or by counsel, unless the
Oversight Committee otherwise allows.
(5)
The Oversight Committee shall inquire into the complaint or information and complete its inquiry not later than 90 days from the date the complaint or information is referred to it.
(6)
Where the Oversight Committee is of the opinion that it will not be able to complete its inquiry within the period specified in subsection (8), it may apply in writing to the Authority for an extension of time to complete its inquiry and the Authority may grant such extension of time to the
Oversight Committee as he thinks fit.
(7)
All information, including such books, documents, papers and other records used by the Oversight Committee in the course of its deliberations shall be confidential and shall not be disclosed to any person including the public accountant, accounting corporation, accounting firm or accounting Limited Liability Partnership unless the Oversight Committee decides otherwise.
(8)
The chairman of the Oversight Committee shall record its proceedings in writing and in sufficient detail to enable the Authority to follow the course of the proceedings.
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