Contents of Section

Chapter:

588 PDFTitle:FINANCIAL REPORTING COUNCIL ORDINANCEGazette Number:L.N. 104 of 2007
Section:36Heading:Council¡¦s powers to close case, suspend investigation and follow up, etc.Version Date:16/07/2007


(1) The Council may, in relation to an investigation under this Part concerning a relevant irregularity¡X

        (a) close the case without further action;
        (b) suspend the investigation for such period as the Council thinks fit; or
        (c) carry out such other follow-up action in accordance with this Ordinance as the Council thinks fit.
(2) The Council shall not, in relation to an investigation under this Part, exercise a power under subsection (1) unless the Council has taken into account the report prepared under section 35(1) or (2) in relation to the investigation.
(3) As soon as practicable after deciding to exercise a power under subsection (1), the Council shall give written notice of the decision to¡X
        (a) in the case where the relevant irregularity is an auditing irregularity, the auditor concerned; or
        (b) in the case where the relevant irregularity is a reporting irregularity, the reporting accountant concerned,
unless the Council is satisfied that the notification may prejudice the investigation, or any other action by the Council, or a specified body, relating to the investigation.