Section 15

in the shoulder note, by substituting for the words “revoke and suspend registration” the words “revoke, withdraw or suspend registration or recognition”;

by substituting for subsection (1) the following subsection:

“(1)  The Audit Oversight Board may, at any time—

revoke or suspend the registration; or

withdraw or suspend the recognition, of an auditor if—

there exists a ground on which the Audit

Oversight Board may refuse an application under subsection 31p(1) or (1a); or

the auditor contravenes any terms or conditions imposed by the Audit Oversight Board in respect of his registration or recognition under this

Part.”;

Securities Commission (Amendment)

by substituting for subsection (3) the following subsection:

“(3)  Where the Audit Oversight Board intends to—

revoke or suspend the registration; or

withdraw or suspend the recognition, under subsection (1) or (2), it shall give the auditor an opportunity to be heard by serving a written notice to the auditor concerned stating the grounds for such revocation, suspension or withdrawal.”;

by deleting subsection (4); and

by substituting for subsection (5) the following subsection:

“(5)  For the purposes of this Part, an auditor whose registration has been revoked or suspended or whose recognition has been withdrawn or suspended, as the case may be, shall be deemed not to be registered or recognized as an auditor from the date the revocation, withdrawal or suspension takes effect or any other date as may be specified by the Audit Oversight

Board.”.

Amendment of section 31r