(4) The Oversight Committee may also revoke its approval of an accounting corporation or an accounting firm and order the removal of its name and relevant particulars from the appropriate Register if it is satisfied that—
- (a) the approval of the accounting corporation or accounting firm under this Part has been obtained by fraud or misrepresentation;
- (b) the accounting corporation, or the sole proprietor or any partner of the accounting firm, as the case may be, has made an arrangement with its or his creditors;
- (c) the accounting corporation or accounting firm has ceased to provide public accountancy services in Singapore; or
- (d) the accounting corporation or accounting firm is no longer in a position to provide public accountancy services effectively.
(5) The Oversight Committee shall, before exercising its powers under subsection (4), notify the accounting corporation or accounting firm concerned of its intention to take such action and shall give the accounting corporation or accounting firm an opportunity to submit reasons, within such period as the Oversight Committee may determine, as to why its approval under this Part should not be revoked.
(6) Any person who is aggrieved by an order under subsection (4) may, within 30 days of being notified of the order, appeal to the Minister whose decision shall be final.
PART V
PRACTICE MONITORING PROGRAMME
Interpretation of this Part
32. In this Part—
- “practice monitoring programme” means a programme designed to ascertain whether a public accountant has complied with the prescribed standards, methods, procedures and other requirements when providing public accountancy services;
- “Practice Monitoring Sub-committee” means the Practice Monitoring Sub-committee appointed under section 34;
