If any of the circumstances under the subparagraphs of the preceding article applies to the CPA, the TWSE must request the CPA to provide a written explanation with regard to the circumstances concerned, and submit said explanation together with information on the deficiency to the the administering department of the TWSE for approval. The TWSE may then impose any of the following dispositions on the CPA depending on the severity of the violation:
If the Securities Listing Review Committee decides to reject the CPA-attested financial reports of the listing applicant company for a certain period, the TWSE will reject the listing applicant company’s attested financial reports for two to six months from the first day of the month following the date of public announcement and will further report to the competent authority for disciplinary action to be taken.
- request the CPA in writing to rectify
- make a public announcement of the CPA’s deficiency as discovered by the TWSE and report to the competent authority
- submit to the Securities Listing Review Committee to deliberate on whether to reject the the financial reports of the listing applicant company that have been attested by the CPAs for a certain period
If the public company’s financial reports having been audited and attested, or reviewed, by the CPA contain false information or if information is withheld from said reports, the TWSE may request, with relevant evidence presented, the Securities and Futures Investors Protection Center to take action accordingly.