Page:Accountants Act 2004.pdf/49

Revocation of approval, etc., of accounting corporations and accounting firms

53.—(1) If, at the conclusion of a formal inquiry, the Disciplinary Committee is satisfied that—

(a) 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;

(b) 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;

(c) 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;

(d) an accounting corporation or accounting firm has rendered any public accountancy services under a name other than the name approved under section 19;

(e) 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

(f) 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—