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South Africa
NATIONAL LEGISLATION OVERVIEWS
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Auditing Profession Act, No. 26 of 2005

Long title


To provide for the establishment of the Independent Regulatory Board for Auditors; to provide for the education, training and professional development of registered auditors and registered candidate auditors; to provide for the accreditation of professional bodies; to provide for the registration of auditors and candidate auditors; to regulate the conduct of registered auditors and registered candidate auditors; to repeal an Act; and to provide for matters connected therewith.

[...amended by Act 2015_002_013_20150617_38889]

Table of contents
 
ARRANGEMENT OF SECTIONS

CHAPTER I.  INTERPRETATION AND OBJECTS OF ACT
1.  Definitions
2.  Objects of Act

CHAPTER II. INDEPENDENT REGULATORY BOARD FOR AUDITORS

Part 1. Establishment and legal status of Regulatory Board
3.  Establishment and legal status

Part 2. Functions of Regulatory Board
4.  General functions
5.  Functions with regard to accreditation of professional bodies
6.  Functions with regard to registration of auditors and candidate auditors [...Titlei amended by Act 2015_002_002_20150617 - was entitled "Functions with regard to registration of auditors"] 
7.  Functions with regard to education, training and professional development
8.  Functions with regard to fees and charges

Part 3. Powers of Regulatory Board
9.  General powers
10.  Powers to make rules

Part 4. Governance of Regulatory Board
11.  Appointment of members of Regulatory Board
12.  Term of office of members of Regulatory Board
13.  Disqualification from membership and vacation of office
14.  Chairperson and deputy chairperson
15.  Meetings
16.  Decisions
17.  Duties of members
18.  Chief executive officer
19.  Delegations

Part 5. Committees of Regulatory Board
20.  Establishment of committees
21.  Committee for auditor ethics
22.  Committee for auditing standards
23.  Matters relating to appointment of members to committees for auditor ethics and for auditing standards
24.  Investigating disciplinary committees [... Titlei amended by Act 2021_005_008_20210426 - was entitled "Investigating disciplinary committees"]
24A. Disciplinary committee [... Title iinserted by Act 2021_005_009_20210426] 
24B. Subcommittees of Regulatory Board [... Title iinserted by Act 2021_005_009_20210426] 

Part 6. Funding and financial management of Regulatory Board
25.  Funding
26.  Annual budget and strategic plan
27.  Financial management, financial statements and annual report

Part 7. National government oversight and executive authority
28.  Executive authority
29.  Ministerial representatives
30.  Investigations
31.  Information

CHAPTER III. ACCREDITATION AND REGISTRATION

Part 1. Accreditation of professional bodies
32.  Application for accreditation
33.  Requirements for accreditation
34.  Retaining accreditation
35.  Termination of accreditation
36.  Effect of termination of accreditation on registered auditors and registered candidate auditors [...Title amended by Act 2015_002_004_20150617 - was entitled "Effect of termination of accreditation on registered auditors"] 

Part 2. Registration of individual auditors and firms
37.  Registration of individuals as registered auditors and registered candidate auditors [...Title amended by Act 2015_002_005_20150617 - was entitled "Registration of individuals as registered auditors"] 
38.  Registration of firms as registered auditors
39.  Termination of registration of registered auditors and registered candidate auditors [...Title amended by Act 2015_002_007_20150617 - was entitled "Termination of registration"] 
40.  Renewal of registration and re-registration

CHAPTER IV. CONDUCT BY AND LIABILITY OF REGISTERED AUDITORS
41.  Practice
42.  Compliance with rules
43.  Information to be furnished
44.  Duties in relation to audit
45.  Duty to report on irregularities
46.  Limitation of liability

CHAPTER V. ACCOUNTABILITY OF REGISTERED AUDITORS
47.  Inspections
48.  Investigation of charge of improper conduct
48A. Powers to enter and search premises [... Titleiinserted by Act 2021_005_016_20210426] 
48B. Warrants [... Titleiinserted by Act 2021_005_016_20210426] 
49.  Prcess following investigation [... Titleiamended by Act 2021_005_017_20210426 - was entitled "Charge of improper conduct"]
50.  Disciplinary hearing 
51.  Sancions in admission of guilt process [... Titleiamended by Act 2021_005_017_20210426 - was entitled "Proceedings after hearing"]
51A.  Application of certain provisions to registered candidate auditors [...Titleinserted by Act 2015_002_012_20150617]
51B. Sanctions in disciplinary hearing process [...Title inserted by Act 2021_005_019_20210426]

CHAPTER VI. OFFENCES
52.  Reportable irregularities and false statements in connection with audits
53.  Offences relating to investigation and disciplinary process [... Title amended by GG2021_005_020_20210426 - was entitled "Offences relating to disciplinary hearings"] 
54.  Offences relating to public practice

CHAPTER VII. GENERAL MATTERS
55.  Powers of Minister
56.  Indemnity
57.  Administrative matters
57A. Protection of information [... Title inserted by GG20210601_005_021_20210426]  
58.  Repeal and amendment of laws
59.  Transitional provisions
60.  Short title and commencement

SCHEDULE. LAWS REPEALED [s58]
 
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Copyright Rita V. Felgate 2021