(a) Upon application in writing or after hearing pursuant to notice, the board may:
(1) Reissue a certificate to a certified public accountant whose certificate has been revoked or suspended;
(2) Reissue an authority to a public accountant whose authority has been revoked or suspended; and
(3) Modify the suspension of or reissue any permit that has been revoked or suspended or that the board has previously refused to renew.
(b) The board shall specify by rule the manner in which applications under this section are made; the time within which they are made; and the circumstances in which hearings will be held on the applications.