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Auditing Profession Act, 2005 (Act No. 26 of 2005)

Chapter II : Independent Regulatory Board for Auditors

Part 2 : Functions of Regulatory Board

4. General functions

 

(1) The Regulatory Board must, in addition to its other functions provided for in this Act—
(a) take steps to promote the integrity of the auditing profession, including—
(i) investigating alleged improper conduct;
(ii) conducting disciplinary hearings;
(iii) imposing sanctions for improper conduct; and
(iv) conducting practice reviews or inspections;
(b) take steps it considers necessary to protect the public in their dealings with registered auditors;
(c) prescribe standards of professional competence, ethics and conduct of registered auditors;
(d) encourage education in connection with, and research into, any matter affecting the auditing profession; and
(e) prescribe auditing standards.

 

(2) The Regulatory Board may—
(a) participate in the activities of international bodies whose main purpose is to develop and set auditing standards and to promote the auditing profession;
(b) publish a journal or any other publication, and issue newsletters and circulars containing information and guidelines relating to the auditing profession;
(c) cooperate with international regulators in respect of matters relating to audits and auditors; and
(d) take any measures it considers necessary for the proper performance and exercise of its functions or duties or to achieve the objects of this Act.

 

(3)

(a) The Regulatory Board must determine a regulatory strategy for performing its functions in terms of subsection (1).
(b) The Regulatory Board must submit the regulatory strategy to the Minister for approval within three months after  the date that the Auditing  Profession Amendment Act, 2021, takes effect.
(c) The Minister—
(i) may, after consulting the Regulatory Board, make amendments to the strategy referred to in paragraph (b); and
(ii) must publish in the Gazette the approved regulatory strategy within six months after the date that the Auditing Profession Amendment Act, 2020, takes effect.
(d) The Minister or the Regulatory Board may request an amendment to the regulatory strategy published in terms of paragraph (c) or a new regulatory strategy be determined in accordance with paragraph (c).

[Section 4(3) inserted by section 2 of the Auditing Profession Amendment Act, 2021 (Act No. 5 of 2021), Notice No. 228 of GG44493, dated 26 April 2021]