Regulatory Environment
Auditing Profession Act
Regulatory Environment
a) Broad regulatory environment (Laws and regulations governing all corps)
b) Narrow governance (Internal governance)
Chapter 3
Section 37 - Registration as RA
Min requirements to be registered:
Completed training contract and passed exams
All competences
Fit and proper
Resident
IRBA will refuse registration if:
Removed from office of trust
Convicted of crime
Not of sound mind / cannot manage affairs
Removed due to APA punishment
Section 38 – Registration of Firms
Requirements to engage in public practice:
Incorporated and registered in terms of Co Act and has share capital
All directors jointly and severally liable
Every director must be an RA
Only directors may be shareholder
If shareholder dies or leaves estate may hold shares for 6 months
Members may only appoint other members as proxies
Section 39 – Termination of Registration
IRBA will cancel:
, Person disqualified by previous section subsequent to registration
Person registered in error or through false information
IRBA may cancel:
Estate of RA sequestrated
Ceases to be member of professional body
Registration may lapse:
Fees not paid
Chapter 4
Section 41 – Practice
Only an RA with paid fees may:
Work in public practice
Present self in public practice
Use RA title
Following prohibited from being in PP:
Salaried staff in acc context or internal auditor
AG staff
Section 42 – Compliance
Only RAs need comply with IRBA
Section 43 – Information to be furnished
Every firm that is a registered auditor must notify the Regulatory Board of any
change in its name, composition or address not later than 30 days after the
date on which the change takes place:
– Within 14 days of the receipt of a written request from any client for
whom a
– registered auditor acts as auditor or person who proposes to appoint
the registered
– auditor as its auditor,
The registered auditor must furnish the following information:
– Every firm’s name or title under which the registered auditor practises;
Auditing Profession Act
Regulatory Environment
a) Broad regulatory environment (Laws and regulations governing all corps)
b) Narrow governance (Internal governance)
Chapter 3
Section 37 - Registration as RA
Min requirements to be registered:
Completed training contract and passed exams
All competences
Fit and proper
Resident
IRBA will refuse registration if:
Removed from office of trust
Convicted of crime
Not of sound mind / cannot manage affairs
Removed due to APA punishment
Section 38 – Registration of Firms
Requirements to engage in public practice:
Incorporated and registered in terms of Co Act and has share capital
All directors jointly and severally liable
Every director must be an RA
Only directors may be shareholder
If shareholder dies or leaves estate may hold shares for 6 months
Members may only appoint other members as proxies
Section 39 – Termination of Registration
IRBA will cancel:
, Person disqualified by previous section subsequent to registration
Person registered in error or through false information
IRBA may cancel:
Estate of RA sequestrated
Ceases to be member of professional body
Registration may lapse:
Fees not paid
Chapter 4
Section 41 – Practice
Only an RA with paid fees may:
Work in public practice
Present self in public practice
Use RA title
Following prohibited from being in PP:
Salaried staff in acc context or internal auditor
AG staff
Section 42 – Compliance
Only RAs need comply with IRBA
Section 43 – Information to be furnished
Every firm that is a registered auditor must notify the Regulatory Board of any
change in its name, composition or address not later than 30 days after the
date on which the change takes place:
– Within 14 days of the receipt of a written request from any client for
whom a
– registered auditor acts as auditor or person who proposes to appoint
the registered
– auditor as its auditor,
The registered auditor must furnish the following information:
– Every firm’s name or title under which the registered auditor practises;
