Statistics

The Disciplinary Committee (‘the DC’) is the other statutory arm of the Institute established under Section 19(b) of the Accountants Act 1967. It is empowered under the Act to consider all complaints referred to it by the Investigation Committee (‘the IC’) and cases coming directly to it under Rule 18(2) of the MIA (Disciplinary) Rules 2002 (‘the 18(2) Rule’).

As at 30 September 2020, Table A shows that the DC dealt with a total of 88 cases out of which 86 cases were referred by the IC and 2 cases came directly under the 18(2) Rule. The most number of complaints heard and disposed by the DC involves auditors for matters pertaining to Practice Review, audit issues and members practicing without a valid practicing certificate. The DC had disposed 22 cases leaving a balance of 66 cases.

Table B shows the type of punishments meted out by the DC. The DC is more inclined to impose costs and/or a fine against members for minor audit or accounting offences and membership issues whereas the DC is seen to take a more drastic stand of removing or suspending a member under Rule 18(2) route where a court judgment was obtained against the member or even for cases referred by the IC which has serious implications. A new move of amending the Act which is currently under progress, will see a change in the types of punishment which includes an increase in the amount of fine that is to be imposed by the DC.

Where the DC makes a decision on a case and metes out its punishment, these decisions, including the members’ names, are published in the Institute’s magazine, Accountants Today and local newspapers. Relevant government licensing authorities and to the association of accountants to which the member is associated with are also informed. Decisions are also uploaded to the Institute’s website for transparency and to serve as a warning to potential wrongdoers.

DISCIPLINARY COMMITTEE REPORT 2020/2021

TABLE A: CASES BEFORE THE DISCIPLINARY COMMITTEE FROM 1 JULY 2020 TO 30 SEPTEMBER 2020

Cases from previous financial years No. of cases referred to the DC during current financial year Cases heard (including cases from previous financial years) Pending Cases Complainant Cases involving:
No. of cases resulting in disciplinary punishment No. of cases dismissed by the Disciplinary Committee Individual/ Internal/ Council Complaints/Others Regulators Auditors
  • Directors
  • Liquidators
  • Company Secretary
  • Others
67
[including 1 case came directly to the Disciplinary Committee under Rule 18 (2) of the MIA (Disciplinary) Rules, 2002]
21
[including 1 case came directly to the Disciplinary Committee under Rule 18 (2) of the MIA (Disciplinary) Rules, 2002]
13 9 66* 88 0 39 49

*Pending before the Disciplinary Committee as at 30 September 2020

TABLE B: PUNISHMENTS METED OUT BY THE DISCIPLINARY COMMITTEE

PUNISHMENT METED BY THE DISCIPLINARY COMMITTEE 1 JULY 2020 – 30 SEPTEMBER 2020
Removal Only or (includes Costs and/or Fine) 1
Suspension (inludes includes Attend Course / Costs and/or Fine) 0
Reprimand / Attend Course / Costs and/or Fine 0
Fine and/or Costs 12
Admonish/Censure/Reprimand with Costs Only 0
TOTAL 13