exceeding $5,000 or to imprisonment for a term not exceeding 12 months or to both and, in the case of a continuing offence, to a further fine not exceeding $50 for every day or part thereof during which the offence continues after conviction.
(3) Where in the course of its inquiry a Complaints Committee receives any information or evidence relating to the conduct of the public accountant, accounting corporation or accounting firm concerned which may give rise to further proceedings under this Part, the Complaints Committee may, after giving notice to the public accountant, accounting corporation or accounting firm concerned, decide on its own motion to inquire into that matter and report its findings to the Oversight Committee.
(4) Where in the course of its inquiry a Complaints Committee receives any information or evidence relating to the conduct of the public accountant, accounting corporation or accounting firm concerned which discloses an offence under any written law, the Complaints Committee shall record that information in its report to the Oversight Committee.
(5) The Oversight Committee may appoint a legal assessor to advise the Complaints Committee on any matter of law arising in the course of its inquiry.
Findings of Complaints Committee
47. Upon due inquiry into the complaint or information referred to it under this Part, a Complaints 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 Oversight Committee, the complainant (if any) and the public accountant, accounting corporation or accounting firm 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 Oversight Committee to do any of the following:
- (i) order that the public accountant, accounting corporation or accounting firm concerned be issued with a letter of advice;
- (ii) order that the public accountant, accounting corporation or accounting firm concerned be warned;
