The following is prescribed in terms of Section 6(1)(a) and (g) and Section 37(1) and (2)(b) and Section 40(1) and (2):
| 19.1 |
First and re-registration of applicant(s) as registered auditor (Sections 37 and 40): |
| 19.1.1 |
An applicant for registration as a registered auditor may apply for registration with an assurance or non-assurance status. |
| 19.1.2 |
Assurance is determined by the definition of “assurance engagement” as it appears in the Regulatory Board’s Code of Professional Conduct and includes “audit” as it is defined in the Auditing Profession Act, 26 of 2005. |
| 19.1.3 |
An applicant who is registered with the Regulatory Board as a registered auditor with an assurance status means that he or she has informed the Regulatory Board that he or she intends to perform assurance work as defined in the Code of Professional Conduct and the Auditing Profession Act, 26 of 2005. |
| 19.1.4 |
An applicant who is registered with the Regulatory Board as a registered auditor with a non-assurance status means that he or she has informed the Regulatory Board that he or she does not intend to perform assurance work as defined in the Code of Professional Conduct and the Auditing Profession Act 26 of 2005. |
| 19.1.5 |
Any applicant may be required to attend an interview with the Regulatory Board’s Proficiency Assessment Panel. |
| 19.1.6 |
The Regulatory Board, or the Proficiency Assessment Panel, may, at the time of considering the application for registration or re-registration as a registered auditor, require that an applicant who has requested to be registered with an assurance status instead be registered with a non-assurance status until certain criteria have been met. |
| 19.1.7 |
An applicant who applies to be registered with the Regulatory Board as a registered auditor with an assurance status must be linked to a firm that is registered with the Regulatory Board. |
| 19.2 |
Annual renewal of registration of registered auditor (Section 40): |
| 19.2.1 |
A registered auditor must disclose in his or her Individual Annual Return whether he or she is currently performing assurance work. |
| 19.2.2 |
If such disclosure reflects a change in the registered auditor’s current assurance status, the Regulatory Board will follow the procedure referred to in paragraphs 19.3.1 to 19.3.5 below. |
| 19.3 |
Change of assurance or non-assurance status: |
| 19.3.1 |
A registered auditor who wishes to change their assurance or non-assurance status must request such change from the Regulatory Board. |
| 19.3.2 |
If a registered auditor wishes to change their status from non-assurance to assurance, such change must be requested on Form 6 (ANNEXURE E) and approved by the Regulatory Board prior to any assurance engagements being accepted or performed. |
| 19.3.3 |
The Regulatory Board may request any information it requires from the registered auditor in order for it to come to a determination as to whether the registered auditor is proficient to change their status from non-assurance to assurance. |
| 19.3.4 |
The Regulatory Board will assess the registered auditor’s request and may decline the request if the Registered auditor: |
| 19.3.4.1 |
is not linked to a firm registered with the Regulatory Board; and/or |
| 19.3.4.2 |
is not determined by the Regulatory Board to be sufficiently proficient to perform assurance engagements; and/or |
| 19.3.4.3 |
has not provided a letter from the firm to which the registered auditor is linked, if that registered auditor is an employee, consenting to changing their status to assurance; and/or |
| 19.3.4.4 |
has not provided any other information which the Regulatory Board has requested in terms of paragraph 19.3.3 above. |
| 19.3.5 |
If it has been more than three years since the applicant was last assurance, or if the applicant was registered as non-assurance with the Regulatory Board, the applicant will be required to attend an interview with the Regulatory Board’s Proficiency Assessment Panel. |
| 19.3.6 |
A registered auditor may request his or her status be changed from assurance to non-assurance at any time during the year by sending an email to the regulatory board requesting such a change. |
| 19.3.7 |
A registered auditor may also change his or her status from assurance to non-assurance by changing his/her status to non-assurance in the Individual Annual Return. |
| 19.3.8 |
A registered auditor may not change his or her status from non-assurance to assurance by changing his/her status in the Individual Annual Return. A form 6 must be completed as referred to in paragraph 19.3.2 above. |
| 19.3.9 |
If a registered auditor changes his or her status from assurance to non-assurance in his/her Individual Annual Return, the regulatory board will change his/her status to non-assurance in their register as being the current status of the registered auditor. |
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