Page:Accountants Act 2004.pdf/7

proceedings before a Complaints Committee or a Disciplinary Committee;

(b) such reasonable expenses as the Oversight Committee may pay to witnesses; and

(c) such reasonable expenses as are necessary for, or incidental to, the institution and conduct of proceedings before a Complaints Committee or a Disciplinary Committee;

“Disciplinary Committee” means a Disciplinary Committee constituted under Part VI;

“firm” means a sole proprietorship or partnership;

“lay person”, in relation to the Complaints and Disciplinary Panel, a Complaints Committee or a Disciplinary Committee, means an architect, a banker, an advocate and solicitor, a company director, an insurer, a professional engineer, a medical practitioner or a person who possesses such other qualifications as may be approved by the Oversight Committee;

“Oversight Committee” means the Public Accountants Oversight Committee appointed by the Authority under section 4;

“professional indemnity insurance” includes insurance indemnifying a public accountant, an accounting firm or an accounting corporation against liability to compensate a third party who has sustained financial loss or any other damage or injury due to a breach of professional duty or to any professional negligence on the part of such public accountant, accounting firm or accounting corporation, as the case may be (including any such negligence by any director of such accounting corporation), or fraud or dishonesty;

“public accountancy services” means the audit and reporting on financial statements and the doing of such other acts that are required by any written law to be done by a public accountant;

“public accountant” means a person who is registered or deemed to be registered in accordance with this Act as a public accountant;

“Register of Public Accountants” means the register kept and maintained under this Act;