On 19/06/2013,
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incorporating all amendments published on or before 19/06/2013.
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PART VI
DISCIPLINARY PROCEEDINGS
39.
—(1) For the purpose of enabling Complaints Committees and Disciplinary Committees to be constituted under this Part, the Oversight Committee shall appoint a panel, to be known as the Complaints and Disciplinary Panel, consisting of such number of public accountants and lay persons as the Oversight Committee thinks fit.
(2) A member of the Complaints and Disciplinary Panel shall be appointed for a term of 2 years and shall be eligible for reappointment.
(3) The Registrar shall be the Chairman of the Complaints and Disciplinary Panel.
(4) The Oversight Committee may at any time remove from office any member of the Complaints and Disciplinary Panel or fill any vacancy in its membership.
40.
—(1) Any complaint concerning —
(a)
any improper or dishonourable conduct on the part of a public accountant in the discharge of his professional duty; or
(b)
any improper act or conduct on the part of a public accountant, an accounting corporation or an accounting firm,
shall be made to the Oversight Committee in writing and shall be supported by such statutory declaration as the Oversight Committee may require, except that no statutory declaration shall be required if the complaint or information is made or given by any public officer or officer of the Authority.
(2) The Oversight Committee may require any person making a complaint to deposit with it a reasonable sum not exceeding $1,000 to cover the costs and expenses that may necessarily be incurred by the Oversight Committee in dealing with the complaint.
(3) Where the complaint is dismissed under section 41(6) or is otherwise found to be frivolous or vexatious following a review or inquiry under this Part, the sum so deposited or such part thereof as the Oversight Committee may determine shall be applied for the payment of those costs and expenses; otherwise the sum so deposited shall be returned to the person making the complaint.
(4) Any person who makes a complaint to the Oversight Committee under this Part which he knows to be false in any material particular shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $5,000.
41.
—(1) Subject to subsection (2), the Oversight Committee shall, upon receiving any complaint under section 40, refer the complaint to the Registrar for review.
(2) The Oversight Committee may also, on its own motion, refer any information concerning any improper or dishonourable act or conduct of a public accountant, an accounting corporation or an accounting firm to the Registrar for review.
(3) The Oversight Committee need not refer any complaint or information to the Registrar for review where the complaint or information relates to any matter set out in section 15(1) or (4) or 31(1), (2) or (4), and in such a case, the Oversight Committee may take such action as it thinks fit under that section.
(4) The Registrar —
(a)
shall review the complaint or information referred to him for the purpose of determining if there are sufficient merits therein to warrant the institution of disciplinary proceedings under this Part against the public accountant, accounting corporation or accounting firm concerned; and
(b)
may, for the purpose of conducting such review, enlist the assistance of any public accountant or lay person on the Complaints and Disciplinary Panel.
(5) In reviewing any complaint or information under this section, the Registrar may require the complainant (if any) or the public accountant, accounting corporation or accounting firm concerned to answer any question or to furnish any document or information that the Registrar considers relevant for the purpose of the review.
(6) If the complainant refuses or fails, without reasonable excuse, to furnish any document or information as may be required by the Registrar under subsection (5), the Registrar may dismiss the complaint.
(7) If any public accountant, accounting corporation or accounting firm refuses or fails, without reasonable excuse, to furnish any document or information as may be required by the Registrar under subsection (5), the public accountant, accounting corporation or accounting firm (as the case may be) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $2,000.
(8) On the completion of a review under this section, the Registrar shall —
(a)
dismiss the complaint or information, if he finds that the complaint is frivolous, vexatious, misconceived or without merits, or that the information is unsubstantiated;
(b)
in a case where the complaint or information relates to the conviction (whether in Singapore or elsewhere) of the public accountant, accounting corporation or accounting firm concerned of an offence that —
(i)
involves fraud or dishonesty; or
(ii)
implies a defect in character which makes the public accountant concerned unfit for his profession,
recommend to the Oversight Committee to refer the matter to a Disciplinary Committee for a formal inquiry; and
(c)
in any other case, recommend to the Oversight Committee to refer the matter to a Complaints Committee for inquiry.
(9) The Oversight Committee may, upon accepting the recommendation of the Registrar under subsection (8)(b) or (c) —
(a)
direct the Registrar to appoint a Complaints Committee; or
(b)
appoint a Disciplinary Committee,
as appropriate, and refer the complaint or information thereto for an inquiry or a formal hearing, as the case may be.
42.
—(1) The Oversight Committee may, if it thinks fit, direct that a complaint against a public accountant, an accounting corporation or an accounting firm be proceeded with at an inquiry of a Complaints Committee or a formal inquiry of a Disciplinary Committee notwithstanding that the complainant may have withdrawn the complaint at any time before or after the appointment of the Complaints Committee or Disciplinary Committee.
(2) Where the Oversight Committee has made a direction under subsection (1), the complaint shall be proceeded with as if it had originated as information which the Oversight Committee had, on its own motion, referred to the Registrar for review under section 41(2).
43. In any proceedings instituted under this Part against a public accountant, an accounting corporation or an accounting firm arising from his or its conviction of a criminal offence, the Registrar, the Oversight Committee, a Complaints Committee, a Disciplinary Committee and the High Court on appeal from any order of the Oversight Committee, shall accept the conviction as final and conclusive unless —
(a)
it is subject to review or appeal that has not yet been determined;
(b)
it has been quashed or set aside; or
(c)
a pardon has been given in respect of it.
44.
—(1) A Complaints Committee shall consist of the following members, all of whom shall be appointed from the Complaints and Disciplinary Panel:
(a)
3 public accountants; and
(b)
one lay person.
(2) The Registrar shall designate one member of the Complaints Committee who is a public accountant to be its chairman.
(3) A Complaints Committee may be appointed in connection with one or more matters or for a fixed period of time, as the Registrar thinks fit.
(4) The Registrar may at any time remove the chairman or any member of a Complaints Committee or fill any vacancy in a Complaints Committee.
(5) No act done by or under the authority of a Complaints Committee shall be invalid in consequence of any defect that is subsequently discovered in the appointment or qualification of the chairman or members or any of them.
(6) A member of a Complaints Committee shall, notwithstanding that he has ceased to be a member of the Complaints and Disciplinary Panel on the expiry of his term of office, continue to be a member of the Complaints Committee until such time as the Complaints Committee has completed its work.
45.
—(1) A Complaints Committee may meet from time to time for the purposes of its inquiry and may regulate its own procedure.
(2) The chairman of a Complaints Committee may at any time summon a meeting of the Complaints Committee.
(3) The quorum for a meeting of the Complaints Committee shall be constituted by the following persons:
(a)
its chairman;
(b)
one member who is a public accountant; and
(c)
one member who is a lay person.
(4) Any resolution or decision in writing signed by the chairman and all the members of a Complaints Committee shall be as valid and effectual as if it had been made or reached at a meeting of the Complaints Committee where the chairman and all its members were present.
(5) Any question arising at a meeting of the Complaints Committee shall be determined by a majority of votes and, in the case of an equality of votes, the chairman shall have a casting vote.
(6) Where a Complaints Committee is of the opinion that a public accountant, an accounting corporation or an accounting firm should be called upon to answer any allegation made against him or it, the chairman of the Complaints Committee shall serve on the public accountant, accounting corporation or accounting firm —
(a)
copies of the complaint or information against him or it and any statutory declaration or affidavit that has been made in support of the complaint or information; and
(b)
a notice inviting the public accountant, accounting corporation or accounting firm, within such period (not being less than 14 days) as may be specified in the notice, to give to the Complaints Committee any written explanation he or it may wish to offer.
(7) The public accountant, accounting corporation or accounting firm concerned shall not have the right to be heard by the Complaints Committee, whether in person or by counsel, unless the Complaints Committee in its absolute discretion otherwise allows.
(8) A Complaints Committee shall inquire into the complaint or information and complete its inquiry not later than 3 months from the date the complaint or information is referred to it.
(9) Where a Complaints Committee is of the opinion that it will not be able to complete its inquiry within the period specified in subsection (8) due to the complexity of the matter or serious difficulties encountered by the Complaints Committee in conducting its inquiry, the Complaints Committee may apply in writing to the Oversight Committee for an extension of time to complete its inquiry and the Oversight Committee may grant such extension of time to the Complaints Committee as it thinks fit.
(10) All information, including such book, document, paper or other records used by a Complaints Committee in the course of its deliberations, shall be confidential and shall not be disclosed to any person including the public accountant, accounting corporation or accounting firm concerned unless the Complaints Committee in its discretion decides otherwise.
(11) The chairman of the Complaints Committee shall record its proceedings in writing and in sufficient detail to enable the Oversight Committee to follow the course of the proceedings.
46.
—(1) For the purposes of any inquiry, a Complaints Committee may —
(a)
call upon or appoint any person the Complaints Committee considers necessary to assist it in its inquiry;
(b)
require any person —
(i)
to produce any book, document, paper or other record which may be related to or be connected with the subject-matter of the inquiry for inspection by the Complaints Committee or the person appointed under paragraph (a) and for making copies thereof; or
(ii)
to give all information in relation to any such book, document, paper or other record which may be reasonably required by the Complaints Committee or the person so appointed; and
(c)
require any person to attend at a specified time and place and give evidence or produce any such book, document, paper or record.
(2) Any person who, without lawful excuse, refuses or fails to comply with any requirement of the Complaints Committee under subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not 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.
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;
(iii)
make such other order as the Complaints Committee considers appropriate; and
(c)
if it is of the view that a formal inquiry is necessary, recommend to the Oversight Committee to constitute a Disciplinary Committee to hold the formal inquiry.
48.
—(1) Upon receipt of the findings and recommendation of a Complaints Committee under section 47(b) or (c), the Oversight Committee may either —
(a)
accept the recommendation and make the recommended order;
(b)
refer the matter back to the Complaints Committee for further inquiry; or
(c)
make such other order as the Oversight Committee thinks fit.
(2) The Oversight Committee shall notify the public accountant, accounting corporation or accounting firm concerned and the person who made the complaint of its decision.
(3) Any public accountant, accounting corporation or accounting firm who or which is aggrieved by any order of the Oversight Committee, being an order referred to in subsection (1)(c) or section 47(b), may, within 30 days of being notified of the determination of the Oversight Committee, appeal to the Minister whose decision shall be final.
(4) The Minister may make —
(a)
an order affirming the decision of the Oversight Committee;
(b)
an order directing the Oversight Committee to constitute a Disciplinary Committee for a formal inquiry into the matter; or
(c)
such other order as he thinks fit.
(5) Where —
(a)
the Oversight Committee accepts the recommendation of the Complaints Committee under section 47(c); or
(b)
the Minister makes an order under subsection (4)(b),
the Oversight Committee shall appoint a Disciplinary Committee to conduct the formal inquiry.
49.
—(1) A Disciplinary Committee shall consist of —
(a)
4 public accountants; and
(b)
one lay person.
(2) A Disciplinary Committee may be appointed in connection with one or more matters or for a fixed period of time, as the Oversight Committee thinks fit.
(3) The chairman or a member of a Complaints Committee which inquired into any complaint or information shall not be a member of a Disciplinary Committee conducting the formal inquiry into the same complaint or information.
(4) The Oversight Committee shall appoint a member of a Disciplinary Committee who is a public accountant to be the chairman thereof.
(5) The Oversight Committee may at any time revoke the appointment of any Disciplinary Committee or may remove any member of a Disciplinary Committee or fill any vacancy in a Disciplinary Committee.
(6) No act done by or under the authority of a Disciplinary Committee shall be invalid in consequence of any defect that is subsequently discovered in the appointment or qualification of the members or any of them.
(7) A member of a Disciplinary Committee shall, notwithstanding that he has ceased to be a member of the Complaints and Disciplinary Panel on the expiry of his term of office, continue to be a member of the Disciplinary Committee until such time as the Disciplinary Committee has completed its work.
50.
—(1) Before a Disciplinary Committee commences a formal inquiry into any complaint or information referred to it, the Registrar shall serve on the public accountant, accounting corporation or accounting firm concerned a written notice of the formal inquiry.
(2) A formal inquiry shall not be fixed on a date earlier than 14 days after the date of the notice of formal inquiry except with the agreement of the public accountant, accounting corporation or accounting firm concerned.
(3) On application to the Disciplinary Committee, the public accountant, accounting corporation or accounting firm concerned may request postponement of the formal inquiry, and the Disciplinary Committee may, in its discretion, grant the application and postpone the formal inquiry to such date as it may determine, or refuse the application.
51.
—(1) A Disciplinary Committee shall meet at such times and places as its chairman may appoint.
(2) All the members of a Disciplinary Committee shall be personally present to constitute a quorum for a meeting of the Disciplinary Committee.
(3) All members of a Disciplinary Committee present at any meeting thereof shall vote on any question arising at the meeting and such question shall be determined by a majority of votes and, in the case of an equality of votes, the chairman shall have a casting vote.
(4) A Disciplinary Committee shall not be bound to act in any formal manner and shall not be bound by the provisions of the Evidence Act (Cap. 97) or by any other written law relating to evidence, but may inform itself on any matter in such manner as it thinks fit.
(5) The Oversight Committee may appoint an advocate and solicitor for the purpose of a formal inquiry (whether to prosecute the complaint or to act as a legal advisor to the Disciplinary Committee) and pay to the advocate and solicitor, as part of the expenses of the Oversight Committee, such remuneration as the Oversight Committee may determine.
(6) At the formal inquiry —
(a)
a public accountant against whom the complaint has been made may appear in person or be represented by counsel; and
(b)
the accounting corporation or accounting firm against which the complaint has been made may be represented by any of its corporate practitioners or partners or be represented by counsel.
(7) If the public accountant, accounting corporation or accounting firm concerned does not appear, the Disciplinary Committee may proceed with the formal inquiry after satisfying itself that the notice referred to in section 50 was duly served on him or it.
(8) A Disciplinary Committee may, for the purposes of its formal inquiry, administer an oath or affirmation to any person giving evidence before it, and any party to the proceedings may sue out writs of subpoena ad testificandum and of duces tecum.
(9) The writs referred to in subsection (8) shall be served and may be enforced as if they were writs issued in connection with a civil action in the High Court.
(10) Any person giving evidence before a Disciplinary Committee shall be legally bound to tell the truth.
(11) Persons giving evidence in a formal inquiry shall have the same privileges and immunities in relation to an inquiry as if it was a proceeding in a court of law.
(12) The hearing of a formal inquiry shall not be open to the public.
(13) A Disciplinary Committee shall carry out its work expeditiously and may apply to the Oversight Committee for an extension of time and for directions to be given to the Disciplinary Committee if the Disciplinary Committee fails to make its finding and order within 6 months from the date of its appointment.
(14) When an application for an extension of time has been made under subsection (13), the Oversight Committee may grant an extension of time for such period as it thinks fit.
(15) The Oversight Committee may, where it thinks fit, require a Disciplinary Committee to consider further evidence and meet for that purpose except that the public accountant, accounting corporation or accounting firm concerned shall be given not less than 14 days’ notice of such further meeting of the Disciplinary Committee.
(16) The chairman of the Disciplinary Committee shall record its proceedings in writing and in sufficient detail to enable the Oversight Committee to follow the course of the proceedings.
(17) In sections 172, 173, 174, 175, 177, 179, 182 and 228 of the Penal Code (Cap. 224), “public servant” shall be deemed to include a member of a Disciplinary Committee holding a formal inquiry, and in sections 193 and 228 of the Penal Code (Cap. 224), “judicial proceeding” shall be deemed to include such a formal inquiry.
52.
—(1) If, at the conclusion of the formal inquiry, the Disciplinary Committee is satisfied that the public accountant —
(a)
has been convicted in Singapore or elsewhere of any offence involving fraud or dishonesty or moral turpitude;
(b)
has been convicted in Singapore or elsewhere of any offence implying a defect in character which makes him unfit for his profession;
(c)
has been guilty of such improper or dishonourable conduct in the discharge of his professional duty or such improper or dishonourable conduct which, in the opinion of the Disciplinary Committee, renders him unfit to be a public accountant or would bring the profession of public accountancy into disrepute;
(d)
has carried on by himself or by any of his 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;
(e)
has, while being a director of an accounting corporation, failed to take reasonable steps to prevent the accounting corporation from acting in a manner which would warrant the Disciplinary Committee imposing any order on the accounting corporation under section 53(2);
(f)
has rendered public accountancy services as, or purporting to be, a director of a company which is not an accounting corporation when the service was rendered;
(g)
has, while being a director of an accounting corporation, practised public accountancy at such a time when the accounting corporation was not covered by any professional indemnity insurance or was not so covered to the extent required by section 28; or
(h)
has, while being a director of an accounting corporation, failed to comply with section 29(4),
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 —
(a)
by order cancel the registration of the public accountant;
(b)
by order suspend the public accountant from practice for such period not exceeding 2 years as may be specified in the order;
(c)
by order impose such conditions as are necessary to restrict the practice of the public accountant in such manner as the Oversight Committee thinks fit for a period not exceeding 2 years;
(d)
by order impose on the public accountant a penalty not exceeding $10,000;
(e)
by writing censure the public accountant;
(f)
by order require the public accountant to give such undertaking as the Oversight Committee thinks fit; or
(g)
make such other order as it thinks just and expedient in the circumstances of the case.
(3) In addition to its powers under subsection (2), the Oversight Committee may order the public accountant concerned to pay to the Authority such sums as it thinks fit in respect of costs and expenses of and incidental to any proceedings against him under this Part and the High Court shall have jurisdiction to tax such costs and any such order for costs shall be enforceable as if it were ordered in connection with a civil action in the High Court.
(4) Where a public accountant in respect of whom an order referred to in subsection (2)(c), (d) or (f) has been made fails to comply with any of the requirements imposed on him by the order or breaches any undertaking given by him pursuant to such order, the Oversight Committee may, if it thinks fit, order —
(a)
that his name be removed from the Register of Public Accountants; or
(b)
that he be suspended from practice for such period not exceeding 12 months as may be specified in the order.
(5) Where the Oversight Committee has made an order referred to in subsection (2)(c), the Oversight Committee may, if it thinks fit having regard to any change in circumstances, by another order revoke the original order or revoke or vary any of the conditions imposed by the original order.
(6) Where the Oversight Committee has, under subsection (5), varied the conditions imposed by an order referred to in subsection (2)(c), the Registrar shall immediately serve on the public accountant concerned a notice of the variation.
(7) Any penalty referred to in subsection (2)(d) shall be recoverable as a debt due to the Authority from the public accountant concerned.
(8) A decision of the Oversight Committee under subsection (2), (3), (4) or (5) shall not take effect —
(a)
until the expiration of one month from the date on which the decision has been communicated to the public accountant concerned; or
(b)
where an appeal against the decision is made to the High Court under section 54, until the appeal has been determined or withdrawn.
(9) While any public accountant remains suspended, he shall be deemed not to be registered as a public accountant under this Act but immediately upon the expiry of his period of suspension, his rights and privileges as a public accountant shall immediately be revived.
(10) For the purposes of subsection (1)(e), a public accountant shall be deemed to have taken reasonable steps to prevent the doing of any act by any accounting corporation if he satisfies the Disciplinary Committee that the act was done without his knowledge and that —
(a)
he was not in a position to influence the conduct of the accounting corporation in relation to its action; or
(b)
he, being a director, exercised all due diligence to prevent the accounting corporation from so acting.
(11) In this section, references to acts done by an accounting corporation include references to omissions and to a series of acts or omissions to act.
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 —
(a)
by order revoke the approval granted to the accounting corporation or accounting firm under Part IV;
(b)
by order suspend the accounting corporation or accounting firm from providing public accountancy services for such period not exceeding 2 years as may be specified in the order;
(c)
by order impose such conditions as are necessary to restrict the provision of public accountancy services by the accounting corporation or accounting firm in such manner as the Oversight Committee thinks fit for a period not exceeding 2 years;
(d)
by order impose on the accounting corporation or accounting firm a penalty not exceeding $100,000;
(e)
by writing censure the accounting corporation or accounting firm;
(f)
by order require the accounting corporation or accounting firm to give such undertaking as the Disciplinary Committee thinks fit; or
(g)
make such other order as it thinks just and expedient in the circumstances of the case.
(3) In addition to its powers under subsection (2), the Oversight Committee may order the accounting corporation or accounting firm concerned to pay to the Authority such sums as it thinks fit in respect of costs and expenses of and incidental to any proceedings against the accounting corporation or accounting firm under this Part and the High Court shall have jurisdiction to tax such costs and any such order for costs shall be enforceable as if it were ordered in connection with a civil action in the High Court.
(4) Where an accounting corporation or accounting firm in respect of which an order referred to in subsection (2) (c), (d) or (f) has been made fails to comply with any of the requirements imposed on it by the order or breaches any undertaking given by it pursuant to such order, the Oversight Committee may, if it thinks fit —
(a)
by order revoke the approval granted to the accounting corporation or accounting firm under Part IV; or
(b)
by order suspend the accounting corporation or accounting firm from providing public accountancy services for such period not exceeding 12 months as may be specified in the order.
(5) Where the Oversight Committee has made an order referred to in subsection (2) (c), the Oversight Committee may, if it thinks fit having regard to any change in circumstances, by another order revoke the original order or revoke or vary any of the conditions imposed by the original order.
(6) Where the Oversight Committee has, under subsection (5), varied the conditions imposed by an order referred to in subsection (2) (c), the Registrar shall immediately serve on the accounting corporation or accounting firm concerned a notice of the variation.
(7) Any penalty referred to in subsection (2) (d) shall be recoverable as a debt due to the Authority from the accounting corporation or accounting firm concerned.
(8) A decision by the Oversight Committee under subsection (2), (3), (4) or (5) shall not take effect —
(a)
until the expiration of one month from the date on which the decision has been communicated to the accounting corporation or accounting firm concerned; or
(b)
where an appeal against the decision is made to the High Court under section 54, until the appeal has been determined or withdrawn.
(9) While any accounting corporation or accounting firm remains suspended from providing public accountancy services, it shall be deemed not to be approved as an accounting corporation or accounting firm under this Act but immediately upon the expiry of the period of suspension, its rights and privileges as an accounting corporation or accounting firm shall immediately be revived.
54.
—(1) Any public accountant, accounting corporation or accounting firm who or which is aggrieved with any decision made by the Oversight Committee under section 52 or 53 may appeal to the High Court within a period of 30 days (or such further period as the Oversight Committee may allow on application in any particular case) after the service of the decision of the Oversight Committee on the public accountant, accounting corporation or accounting firm, as the case may be.
(2) The decision of the High Court on appeal under subsection (1) shall be final.