Section 52
Findings of Oversight Committee
Upon due inquiry into the complaint or information referred to it under this Part, the Oversight Committee shall —
(a)
if it is of the view that no further action should be taken on the complaint or information, dismiss the complaint or information and notify the Authority, the complainant (if any) and the public accountant, accounting corporation, accounting firm or accounting
Limited Liability Partnership concerned of the dismissal;
(b)
if it is of the view that the complaint or information is valid but that no formal inquiry is necessary, recommend to the Authority to —
(i)
order that the public accountant, accounting corporation, accounting firm or accounting Limited
Liability Partnership be issued with a letter of advice;
(ii)
order that the public accountant, accounting corporation, accounting firm or accounting Limited
Liability Partnership be warned; or
(iii)
make such other order as the Oversight Committee considers appropriate; and
(c)
if it is of the view that a formal inquiry is necessary, recommend to the Authority to constitute a Disciplinary Committee to hold the formal inquiry.