| 35.19 |
A firm shall at its expense once in each calendar year or at such other times as the Council may require appoint an auditor to discharge the duties assigned to the auditor in terms of these rules; provided that: |
| 35.19.1 |
the Council may refuse to recognise the appointment by a firm of an auditor of whom the Council on good cause does not approve; |
| 35.19.2 |
the Council may at any time, in its discretion and at its expense, appoint an auditor or a suitably qualified inspector to discharge those duties; |
| 35.19.3 |
on the written application of a firm the Council may authorise the firm to appoint a person who in the opinion of the Council is suitably qualified as an inspector to perform the functions of an auditor in terms of these rules, subject to such terms as the Council in its discretion may determine. |
| 35.20 |
A firm which commences practice for the first time shall, within six months of so commencing practice, furnish the Council with a report substantially in the form of the Fourth Schedule to these rules (or in such other form as the Council may determine after consultation with the Independent Regulatory Board for auditors) covering the first four months of that firm's practice. |
| 35.21 |
A firm shall allow an auditor or inspector appointed under rule 35.19 access to such of its records as the auditor or inspector may deem necessary to examine for the purposes of discharging his duties under rule 35.23 and shall furnish the auditor or inspector with any authority which may be required to enable the auditor or inspector to obtain such information, certificates or other evidence as the auditor may reasonably require for such purposes. |
| 35.22 |
A firm shall ensure that the report to be furnished by an auditor or inspector in terms of rule 35.20 or 35.23 is furnished in its original format (which may include an electronic format specified by the Council) within the required time or on the required date; provided that on written application by a firm relating to a particular report the Council may, in its discretion and on such conditions as it may stipulate, condone a failure by that firm to comply with this requirement. The form of such report shall be obtained only from the society, which shall issue it on request to any firm or to any auditor or inspector appointed in terms of rule 35.19. |
| 35.23 |
Every auditor or inspector who has accepted an appointment in terms of rule 35.19 shall: |
| 35.23.1 |
within six months of the annual closing of the accounting records of the firm concerned or at such other times as the Council may require and subject to any conditions that the Council may impose, furnish the Council with a report which shall be in the form of the Fourth Schedule to these rules or in such other form as the Council may determine after consultation with the Independent Regulatory Board for Auditors; |
| 35.23.2 |
without delay report in writing directly to the Council if at any time during the discharge of his or her functions and duties under this rule: |
| 35.23.2.1 |
if it comes to his or her notice that at any date the total of the balances shown on trust accounts in the accounting records of the firm exceeded the total amount of the funds in its trust banking account, its trust investment account and held by it as trust cash; |
| 35.23.2.2 |
any material queries regarding the firm's accounting records which the auditor has raised with the firm have not been dealt with to his satisfaction; |
| 35.23.2.3 |
any reasonable request made by the auditor for access to the firm's records or for any authority referred to in rule 35.20 has not been met to his or her satisfaction; |
| 35.23.3 |
state in his or her report in terms of rule 35.23.1 that to the best of his or her belief: |
| 35.23.3.1 |
the firm has not, during the period under review, carried on the business of an investment practice; or |
35.23.3.2 the firm has carried on the business of an investment practice and has complied with this rule 35.
35.24
| 35.24.1 |
The Council may reject a report in terms of rule 35.23 from an auditor whose appointment the Council has refused to recognise, as provided in rule 35.19.1, or which is not in the prescribed format. |
| 35.24.2 |
A copy of the report on the prescribed form required under rule 35.23.1 and any report made in terms of rule 35.23.2 shall be sent by the auditor to the firm concerned. |
| 35.25 |
Where the Council is satisfied that it is not practicable to obtain the services of an auditor or inspector for the issuing of a report as prescribed under rule 35.23, it may in lieu thereof accept as compliance with the requirements of rule 35.23 such other evidence as it may deem sufficient. |
| 35.26 |
The Council may by notice to members amend the schedule or the audit report form as may be required from time to time to report such information as may be required. |
| 35.27 |
A firm is obliged to report in the relevant sections of the rule 35 report the gross interest earned and the gross charges levied in respect of trust accounts in terms of sections 78(1) or 78(2)(a) of the Act, even if no claim in respect of bank charges is to be made. |
| 35.28 |
In order to qualify for the issue of a Fidelity Fund certificate, a member must ensure that an unqualified audit or inspector's report is issued in respect of any firm or firms of which he or she was a partner or director during the financial period under review and is delivered timeously to the society. |
| 35.29 |
Where the audit or inspector's report in respect of the trust account of the firm is qualified by the auditor or inspector, as the case may be, the firm shall provide the Council with such information as the Council may require to satisfy itself that the firm's trust account is in good order, that the member remains fit and proper to continue to practise and that Fidelity Fund certificates may be issued to the members of the firm. |
Statistics Act, 1999
