Auditing Profession Act Sections and Overview
Number Section Title Overview
Defines technical terms and foundational concepts used
Section 1 Definitions throughout the Act, such as 'audit', 'registered auditor', and
'reportable irregularity'.
States the primary goals of the legislation, including protecting the
Section 2 Objects of Act public, establishing the Regulatory Board, and improving auditing
standards.
Formally creates the Independent Regulatory Board for Auditors
Section 3 Establishment and legal status
(IRBA) as a juristic person that must operate according to the law.
Outlines the broad duties of the Regulatory Board, such as
Section 4 General functions promoting profession integrity, protecting the public, and
prescribing standards.
Mandates the Regulatory Board to set requirements for and
Functions with regard to accreditation of
Section 5 manage the accreditation of professional auditing and accounting
professional bodies
bodies.
Directs the Regulatory Board to establish requirements for and
Functions with regard to registration of auditors
Section 6 maintain registers of individuals and firms authorized to perform
and candidate auditors
audits.
Tasks the Board with overseeing the educational standards, training
Functions with regard to education, training and
Section 7 contracts, and competency requirements for the auditing
professional development
profession.
Empowers the Regulatory Board to prescribe and collect various
Section 8 Functions with regard to fees and charges
fees for accreditation, registration, and other services.
Lists the administrative and operational powers of the Board, such
Section 9 General powers
as hiring staff, investing funds, and entering into agreements.
Grants the Regulatory Board the authority to prescribe rules in the
Section 10 Powers to make rules
Gazette for the effective execution of the Act's provisions.
Specifies the composition, independence requirements, and
Section 11 Appointment of members of Regulatory Board process for the Minister of Finance to appoint members to the
Regulatory Board.
Establishes the duration of Board members' terms, rules for
Section 12 Term of office of members of Regulatory Board reappointment, and conditions under which the Minister may
terminate their office.
Lists the criteria that prevent a person from serving on the Board
Disqualification from membership and vacation of
Section 13 and the circumstances that cause a member's position to become
office
vacant.
Provides for the election of leadership within the Board and outlines
Section 14 Chairperson and deputy chairperson
the roles of the chairperson and deputy chairperson.
Sets the requirements for the frequency, convening, and quorum of
Section 15 Meetings
Regulatory Board meetings.
Defines how the Board reaches valid decisions through majority
Section 16 Decisions voting and ensures decisions are not invalidated by minor
procedural vacancies.
Outlines the governance, oversight, and ethical responsibilities of
Section 17 Duties of members
Board members as the accounting authority under the PFMA.
Assigns responsibility for the day-to-day management of the Board
Section 18 Chief executive officer
to a CEO who is accountable to the Board.
Allows the Board to delegate certain powers and duties to
Section 19 Delegations committees or staff to ensure administrative and operational
efficiency.
Authorizes the Board to create various permanent and ad hoc
Section 20 Establishment of committees
committees to assist in performing its functions.
Establishes a specific committee to develop ethical rules,
Section 21 Committee for auditor ethics
guidelines, and a code of professional conduct for auditors.
Establishes a committee responsible for developing, adopting, and
Section 22 Committee for auditing standards
maintaining auditing pronouncements and standards.
Matters relating to appointment of members to
Outlines the nomination and appointment procedures specifically
Section 23 committees for auditor ethics and for auditing
for the ethics and standards committees.
standards
1
Number Section Title Overview
Defines technical terms and foundational concepts used
Section 1 Definitions throughout the Act, such as 'audit', 'registered auditor', and
'reportable irregularity'.
States the primary goals of the legislation, including protecting the
Section 2 Objects of Act public, establishing the Regulatory Board, and improving auditing
standards.
Formally creates the Independent Regulatory Board for Auditors
Section 3 Establishment and legal status
(IRBA) as a juristic person that must operate according to the law.
Outlines the broad duties of the Regulatory Board, such as
Section 4 General functions promoting profession integrity, protecting the public, and
prescribing standards.
Mandates the Regulatory Board to set requirements for and
Functions with regard to accreditation of
Section 5 manage the accreditation of professional auditing and accounting
professional bodies
bodies.
Directs the Regulatory Board to establish requirements for and
Functions with regard to registration of auditors
Section 6 maintain registers of individuals and firms authorized to perform
and candidate auditors
audits.
Tasks the Board with overseeing the educational standards, training
Functions with regard to education, training and
Section 7 contracts, and competency requirements for the auditing
professional development
profession.
Empowers the Regulatory Board to prescribe and collect various
Section 8 Functions with regard to fees and charges
fees for accreditation, registration, and other services.
Lists the administrative and operational powers of the Board, such
Section 9 General powers
as hiring staff, investing funds, and entering into agreements.
Grants the Regulatory Board the authority to prescribe rules in the
Section 10 Powers to make rules
Gazette for the effective execution of the Act's provisions.
Specifies the composition, independence requirements, and
Section 11 Appointment of members of Regulatory Board process for the Minister of Finance to appoint members to the
Regulatory Board.
Establishes the duration of Board members' terms, rules for
Section 12 Term of office of members of Regulatory Board reappointment, and conditions under which the Minister may
terminate their office.
Lists the criteria that prevent a person from serving on the Board
Disqualification from membership and vacation of
Section 13 and the circumstances that cause a member's position to become
office
vacant.
Provides for the election of leadership within the Board and outlines
Section 14 Chairperson and deputy chairperson
the roles of the chairperson and deputy chairperson.
Sets the requirements for the frequency, convening, and quorum of
Section 15 Meetings
Regulatory Board meetings.
Defines how the Board reaches valid decisions through majority
Section 16 Decisions voting and ensures decisions are not invalidated by minor
procedural vacancies.
Outlines the governance, oversight, and ethical responsibilities of
Section 17 Duties of members
Board members as the accounting authority under the PFMA.
Assigns responsibility for the day-to-day management of the Board
Section 18 Chief executive officer
to a CEO who is accountable to the Board.
Allows the Board to delegate certain powers and duties to
Section 19 Delegations committees or staff to ensure administrative and operational
efficiency.
Authorizes the Board to create various permanent and ad hoc
Section 20 Establishment of committees
committees to assist in performing its functions.
Establishes a specific committee to develop ethical rules,
Section 21 Committee for auditor ethics
guidelines, and a code of professional conduct for auditors.
Establishes a committee responsible for developing, adopting, and
Section 22 Committee for auditing standards
maintaining auditing pronouncements and standards.
Matters relating to appointment of members to
Outlines the nomination and appointment procedures specifically
Section 23 committees for auditor ethics and for auditing
for the ethics and standards committees.
standards
1
