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Article 10
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Under any of the following circumstances, the FSC may void or revoke the approval it has given to a CPA, or to the CPA firm thereof, to conduct the business of auditing and attesting the financial report of public companies:
- Any application item contains a false statement or violates Article 7, and the circumstances are serious.
- The CPA firm does not meet the provisions of Article 4, paragraph 1, subparagraphs 1, 3 or 5, is required to make improvement within a specified time period, and fails to do so.
- The CPA firm refuses to participate in the peer review, or the result of the peer review is substandard, and it is required to make improvement within a specified time period but fails to do so.
- The CPA fails to participate in continuing education pursuant to the Certified Public Accountant Act, is reported by the NFCPAA to the FSC, and suspended from practicing CPA business.
- The amount of the authorized capital of, or insurance purchased by, an incorporated CPA firm does not comply with the relevant provisions of the Certified Public Accountant Act.
- The FSC conducts and examination of the CPA firm and discovers a serious deficiency or violation, and the CPA firm fails to correct the problem by the time limit set by the FSC for doing so.
- There is any other serious violation.
After the circumstances of any of the subparagraphs of the preceding paragraph have been extinguished for one full year, a CPA firm may submit evidentiary documentation to re-apply for approval pursuant to Article 3 or Article 7, paragraphs 1 and 2.
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