Accountancy Profession Act (Cap. 281), article 15

15. (1) Without prejudice to article 14, a warrant or practising certificate issued under any of the provisions of this Act may be suspended or subjected to other conditions, and the registratio n of a firm under article 10 may be suspended, cancelled or subjected to other conditions, by the Board, in accordance with the provisio ns of this article, if the person to whom such a warrant or practisin g certificate was issued or the firm or any of the principals of the firm: (a) has, following an enquiry held by the disciplinary committee appointed under article 7(16), been found guilty of any of the following acts or omissions: (i) dishonesty, serious misconduct or gross negligence in the exercise of his profession; (ii) a contravention of any regulation made or directive issued in terms of this Act where the regulation or directive provides for the suspension, cancellation, withdrawal or subjection to conditions of a warrant or practising certificate as a consequence of such contravention; (iii) material contravention of regulations or directives with respect to professional standards, practices or integrity; (iv) grievous conduct discreditable to the profession; (v) failure to comply with any condition attached to a warrant or practising certificate under subarticle (5) when such failure is of a material nature; or (b) has been found guilty by a court of law - (i) of an offence under this Act or any regulations made thereunder; or (ii) of a crime affecting public trust or of theft or of fraud or of knowingly receiving property obtained by theft or fraud or of any crime punishable by a term of imprisonment exceeding one year: ACCOUNTANCY PROFESSION [CAP. 281. 25 Provided that the Board may, in any of the cases referred to in ( a) or ( b) above: (i) revoke or withdraw a practising certificate; or (ii) revoked or cancelled by the Board. (2) Without prejudice to the provisions of subarticle (1): (a) a warrant may be withdrawn or cancelled by the Board at the request of the warrant holder; (b) a practising certificate may be withdrawn or cancelled by the Board at the request of the practising certificate holder or the firm; (c) the registration of a firm may be cancelled by the Board at the request of the firm; (d) a warrant may be revoked or cancelled by the Board, whenever the Board is of the opinion that there are material circumstances concerning the person to whom the warrant was issued or if the warrant had not been issued, would disqualify such person from obtaining a warrant; (e) a practising certificate and the registration of a firm may be revoked or cancelled by the Board whenever the Board is of the opinion that there are material circumstances concerning the person to whom the practising certificate was issued or the firm which, if the warrant or practising certificate had not been issued or the firm registered, as the case may require, would disqualify such person from obtaining a practising certificate or such firm from being registered; (f) Where the approval of an audit firm is withdrawn for any reason, the Board shall communicate that fact and the reasons for the withdrawal to the relevant competent authorities of Member States where the audit firm is also registered. (3) In exercising its functions under this article the disciplin ary committee shall act in accordance with such rules and procedure s as shall be prescribed in directives issued by the Board under this Act. (4) Where a warrant or practising certificate or registration ha s been suspended or subjected to conditions or when the practisin g certificate or the registration of the firm has been withdrawn or cancelled under any of the provisions of this article, the susp ension or the conditions may be lifted by the Board at any time; and w here the warrant or practising certificate has been withdrawn under subarticle (2)(a) or ( b) or the registration cancelled under subarticle 2(c), a new warrant or practising certificate may be issued or a n ew registration made at any time if the conditions for such issue or registration are satisfied. (5) Where a warrant has been revoked under any of the provisions of this article, other than subarticle (1)( a)(i) and ( b), in 26 CAP. 281.] ACCOUNTANCY PROFESSION respect of an offence against article 3(5), article 10(11) or a rticle 10(12), the Board may, after the expiration of two years from t he date of the revocation, issue a fresh warrant under article 4, under such conditions as it may impose. (6) Where a practising certificate has been revoked under any of the provisions of this article, other than subarticle (1)( a)(i) and (b), in respect of an offence against article 3(5), article 10(11 ) or article 10(12), the Board may, after the expiration of two year s from the date of the revocation, issue a fresh practising certi ficate under article 4, under such conditions as may be imposed by the Board. (7) Upon the revocation or withdrawal of a warrant or practising certificate issued under this Act, or during such pe riod as such a warrant or practising certificate is suspended, the pers on to whom the warrant or practising certificate was issued shall cea se to be the holder of such warrant or practising certificate; and up on the cancellation of any registration of a firm under article 10, or for such period as such registration is suspended, the firm shall c ease to be registered. Appeals. Added by: XXIII. 2009.38. Amended by: L.N. 335 of 2010.