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

Chapter VI : Offences

52. Reportable irregularities and false statements in connection with audits

 

(1) A registered auditor who—
(a) fails to report a reportable irregularity in accordance with section 45; or
(b) for the purposes of, or in connection with, the audit of any financial statement knowingly or recklessly expresses an opinion or makes a report or other statement which is false in a material respect,

shall be guilty of an offence.

 

(2) Where the registered auditor failing to report a reportable irregularity or conducting the audit is a firm, subsection (1) applies to individual registered auditor referred to in section 44(1)(a), but nothing in this subsection prevents the taking of disciplinary action under Chapter V in respect of the firm concerned, in addition to or instead of the individual registered auditor referred to in section 44(1)(a).

 

(3) A person convicted of an offence in a court of law under this section is liable to a fine or to imprisonment for a term not exceeding 10 years or to both a fine and such imprisonment.

 

 


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