| (1) |
The Regulatory Board, subject to subsection (2), may establish committees to assist it in the performance of its functions and it may at any time dissolve or reconstitute any such committee. |
| (2) |
The Regulatory Board must, at least, establish the following permanent committees: |
| (a) |
A committee for auditor ethics in accordance with section 21; |
| (b) |
a committee for auditing standards in accordance with section 22; |
| (c) |
an education, training and professional development committee; |
| (d) |
an inspection committee; |
| (e) |
an investigating committee; and |
| (f) |
a disciplinary committee. |
| (a) |
A committee consists of as many members as the Regulatory Board considers necessary. |
| (b) |
The Regulatory Board, subject to sections 21, 22, 24 and 24A and taking into account, amongst other factors, the need for transparency and representivity within the broader demographics of the South African population, may appoint any person as a member of a committee, on such terms and conditions as the Regulatory Board may determine. |
[Section 20(3)(b) substituted by section 7(a) of the Auditing Profession Amendment Act, 2021 (Act No. 5 of 2021), Notice No. 228 of GG44493, dated 26 April 2021]
| (c) |
The Regulatory Board may terminate the membership of a member of a committee if— |
| (i) |
the performance by the member of the powers and functions of that committee is unsatisfactory; |
| (ii) |
the member, either through illness or for any other reason, is unable to perform the functions of the committee effectively; or |
| (iii) |
the member has failed to comply with or breached any legislation regulating the conduct of members, including any applicable code of conduct. |
| (d) |
If the Regulatory Board does not designate a chairperson for a committee, other than a disciplinary committee, the committee may elect a chairperson from among its members. |
| (4) |
The Regulatory Board must provide funding to its committees in such a way that the committees are able to perform their functions effectively. |
| (5) |
Sections 15 and 16 relating to meetings and decisions of the Regulatory Board, respectively, with the necessary changes apply in respect of any committee. |
[Section 20(5) substituted by section 7(b) of the Auditing Profession Amendment Act, 2021 (Act No. 5 of 2021), Notice No. 228 of GG44493, dated 26 April 2021]
Protection of Businesses Act, 1978
