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Auditing Profession Act, 2005 (Act No. 26 of 2005)

Board Notices

Independent Regulatory Board for Auditors

Registration of Registered Auditors and Registered Candidate Auditors

3. Registration of firms

 

It is prescribed that the minimum qualifications, competency standards and requirements for registration of firms in addition to those provided for in this Act are:

 

3.1 Submission of the completed prescribed Form 2 (ANNEXURE B);
3.2 A statement that ISQM1 has been implemented, supported by:
3.2.1 Satisfactory evidence in respect of all relevant components in accordance with paragraphs 57 to 60 of ISQM1; and
3.2.2 Satisfactory evidence of compliance with the specified responses in paragraph 34 of ISQM1. In assessing the fulfilment of the requirements of paragraph 3.2 above, recognition and application of the scalability considerations described in paragraph 10 of ISQM1 will apply.
3.3 Submission of confirmation of firm ownership:
3.3.1 If the firm is an incorporated company, a copy of the shareholders register / securities register / share certificates and the latest COR39 from CIPC confirming directors of the firm;
3.3.2 If firm is a partnership, a copy of the partnership agreement or equivalent.
3.4 Submission of a business plan in line with the parameters set out in Annexure A to Form 2.
3.5 The Regulatory Board will not register a firm until the documents required under subsection 3.2 above have been deemed satisfactory by the Regulatory Board’s reviewer thereof.
3.6 Should the firm submit an incomplete or defective application and fail to rectify the application within a period of three months from the Regulatory Board’s request for further documentation, information and/or revised documentation, the firm’s application will lapse on seven days’ notice from the Regulatory Board.
3.7 In the event of the firm’s application lapsing as contemplated in paragraph 3.6 above, the firm will be required to submit a new registration application should it wish to apply for registration in future.
3.8 If a firm wishes to register additional branches once the firm is registered with the Regulatory Board, the firm must complete and submit a Form 2A (ANNEXURE C).
3.9 The requirements set out in paragraphs 3.2 to 3.4 are applicable to a non-assurance RA who is a sole proprietor and taking over an existing firm in respect of which the relevant documents have not previously been submitted to the IRBA for evaluation.

 

(c) prescribe the period of validity of the registration of a registered auditor and a registered candidate auditor;