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Table of Contents
Auditing Profession Act, 2005 (Act No. 26 of 2005)
Notice No. 32 of 2006
Act
Chapter I : Interpretation and Objects of Act
1. Definitions
2. Objects of Act
Chapter II : Independent Regulatory Board for Auditors
Part 1 : Establishment and legal status of Regulatory Board
3. Establishment and legal status
Part 2 : Functions of Regulatory Board
4. General functions
5. Functions with regard to accreditation of professional bodies
6. Functions with regard to registration of auditors
7. Functions with regard to education, training and professional development
8. Functions with regard to fees and charges
Part 3 : Powers of Regulatory Board
9. General powers
10. Powers to make rules
Part 4 : Governance of Regulatory Board
11. Appointment of members of Regulatory Board
12. Term of office of members of Regulatory Board
13. Disqualification from membership and vacation of office
14. Chairperson and deputy chairperson
15. Meetings
16. Decisions
17. Duties of members
18. Chief executive officer
19. Delegations
Part 5 : Committees of Regulatory Board
20. Establishment of committees
21. Committee for auditor ethics
22. Committee for auditing standards
23. Matters relating to appointment of members to committees for auditor ethics and for auditing standards
24. Investigating committee
24A. Disciplinary committee
24B. Subcommittees of Regulatory Board
Part 6 : Funding and financial management of Regulatory Board
25. Funding
26. Annual budget and strategic plan
27. Financial management, financial statements and annual report
Part 7 : National Government oversight and executive authority
28. Executive authority
29. Ministerial representatives
30. Investigations
31. Information
Chapter III : Accreditation and Registration
Part 1 : Accreditation of professional bodies
32. Application for accreditation
33. Requirements for accreditation
34. Retaining accreditation
35.Termination of accreditation
36. Effect of termination of accreditation on registered auditors
Part 2 : Registration of individual auditors and firms
37. Registration of individuals as registered auditors
38. Registration of firms as registered auditors
39. Termination of registration of registered auditors and registered candidate auditors
40. Renewal of registration and re-registration
Chapter IV : Conduct by and Liability of Registered Auditors
41. Practice
42. Compliance with rules
43. Information to be furnished
44. Duties in relation to audit
45. Duty to report on irregularities
46. Limitation of liability
Chapter V : Accountability of Registered Auditors
47. Inspections
48. Investigation of charge of improper conduct
48A. Powers to enter and search premises
48B. Warrants
49. Process following investigation
50. Disciplinary hearing
51. Sanctions in admission of guilt process
51A. Application of certain provisions to registered candidate auditors
51B. Sanctions in disciplinary hearing process
Chapter VI : Offences
52. Reportable irregularities and false statements
53. Offences relating to investigation and disciplinary process
54. Offences relating to public practice
Chapter VII : General Matters
55. Powers of Minister
56. Indemnity
57. Administrative matters
57A. Protection of information
58. Repeal and amendment of laws
59. Transitional provisions
60. Short title and commencement
Schedule
Laws Repealed
Notices
Regulatory Strategy for Independent Regulatory Board for Auditors
Notice No. 1435 of 2021
Foreword
Part A : General Information
Purpose of this Document
Overview of the IRBA
Organisational Structure and Governance
Part B : IRBA Mandate
Constitutional Mandate
Legislative and Policy Mandate
Strategic Links to the National Development Plan (2011)
Part C : Comprehensive Stakeholder Engagement
Communication Approach
Connect with the IRBA
Part D : Funding of the IRBA
Part E : IRBA General Information
List of Abbreviations
[Withdrawn] Maximum monetary fines in terms of the Auditing Profession Act, 2005
Notice No. 3549 of 2023
Determination of Maximum Fines
Notice No. 4933 of 2024
Board Notices
Independent Regulatory Board for Auditors
Public Practice Examination (PPE) - Examination Regulations
Board Notice 93 of 2009
Introduction
1. Definitions
2. Statutorily Prescribed Examination
3. Admission Requirements
4. Application for Admission to the Examination
5. Compilation of Examination
6. Nature of Examination
7. Changes in Legislations, Statements and Exposure Drafts
8. Permitted Texts
9. Anonymity of Candidates
10. Confidentiality
11. Ownership, Copyright and Access
12. Examination Venues
13. Alternative Examination Arrangements
14. Examination Room Regulations
15. Identification of Candidates
16. The Use of Calculators, Other Electronic Equipment and Cell Phones
17. Sharing of Examination Stationery
18. Disqualification from the Examination
19. Marking of Examination Scripts
20. Adjudication of Results
21. Reporting of Results
22. General
Annexure A
New Rules Regarding Improper Conduct and Code of Professional Conduct for Registered Auditors
Board Notice No. 89 of 2010
Rules Regarding Improper Conduct
1. Definitions
2. Improper conduct
Code of Professional Conduct for Registered Auditors
Status of the Code
Definitions
Part A : General Application of the Code
Section 100 : Introduction and Fundamental Principles
Section 110 : Integrity
Section 120 : Objectivity
Section 130 : Professional Competence and Due Care
Section 140 : Confidentiality
Section 150 : Professional Behaviour
Part B : Registered Auditors in Public Practice
Section 200 : Introduction
Section 210 : Professional Appointment
Section 220 : Conflicts of Interest
Section 230 : Second Opinions
Section 240 : Fees and Other Types of Remuneration
Section 250 : Marketing Professional Services
Section 260 : Gifts and Hospitality
Section 270 : Custody of Client Assets
Section 280 : Objectivity - All Services
Section 290 : Independence-Audit and Review Engagements
Structure of Section
A Conceptual Framework Approach to Independence
Networks and Network Firms
Public Interest Entities
Related Entities
Those Charged with Governance
Documentation
Engagement Period
Other Considerations
Application of the Conceptual Framework Approach to Independence
Financial Interests
Loans and Guarantees
Business Relationships
Family and Personal Relationships
Employment with an Audit Client
Temporary Staff Assignments
Recent Service with an Audit Client
Serving as a Director or Officer of an Audit Client
Long Association of Senior Personnel (Including Partner Rotation) with an Audit Client
Provision of Non-assurance Services to Audit Clients
Fees
Compensation and Evaluation Policies
Gifts and Hospitality
Actual or Threatened Litigation
Reports that Include a Restriction on Use and Distribution
Section 291 : Independence - Other Assurance Engagements
Structure of Section
A Conceptual Framework Approach to Independence
Assurance Engagements
Assertion-Based Assurance Engagements
Direct Reporting Assurance Engagements
Reports that Include a Restriction on Use and Distribution
Multiple Responsible Parties
Documentation
Engagement Period
Other Considerations
Application of the Conceptual Framework Approach to Independence
Financial Interests
Loans and Guarantees
Family and Personal Relationships
Employment with Assurance Clients
Recent Service with an Assurance Client
Serving as a Director or Officer of an Assurance Client
Long Association of Senior Personnel with Assurance Clients
Provision of Non-assurance Services to Assurance Clients
Fees
Gifts and Hospitality
Actual or Threatened Litigation
Effective Date
Fees Payable to the IRBA with effect from 1 April 2016
Board Notice No. 25 of 2016
Firm Fees Payable to the IRBA with effect from 1 April 2018
Board Notice No. 86 of 2018
Amendments to the Code of Professional Conduct for Registered Auditors
Board Notice 171 of 2018
Board Notice 207 of 2022
Fees Payable to the IRBA with effect from 1 April 2019
Board Notice 24 of 2019
Fees Payable to the IRBA with effect from 1 April 2020
Board Notice 47 of 2020
Amendments to Part 4B of the Professional Conduct for Registered Auditors to reflect terms and concepts used in International Standard on Assurance Engagements 3000 (Revised)
Board Notice 141 of 2020
Fees Payable to the IRBA with effect from 1 April 2021
Board Notice 13 of 2021
Amendments to the Code of Professional Conduct for Registered Auditors to Promote the Role and Mindset expected of Registered Auditors and the use of Electronic Signatures when signing Audit or other Assurance Reports
Board Notice 25 of 2021
Assurance Fees Payable to the IRBA with effect from 01 April 2021
Board Notice 67 of 2021
Revisions to the Code Addressing the Objectivity of an Engagement Quality Reviewer and Other Appropriate Reviewers
Board Notice 112 of 2021
Adoption of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements Handbooks in terms of the Act
Board Notice 146 of 2021
Fees Payable to the IRBA with effect from 1 April 2022
Board Notice 222 of 2022
[Replaced] Assurance Fees Payable to the IRBA with effect from 10 June 2022
Board Notice 291 of 2022
Assurance Fees Payable to the IRBA with effect from 10 June 2022
Board Notice 300 of 2022
Fees Payable to the IRBA with effect from 1 April 2023
Board Notice 405 of 2023
Fees on Assurance Engagements Payable to the IRBA with effect from 1 June 2023
Board Notice 448 of 2023
Rule on Enhanced Auditor Reporting for the Audit of Financial Statements of Public Interest Entities
Board Notice 475 of 2023
Adoption of the International Auditing and Assurance Standards Board's (IAASB) 2022 Handbook of International Quality Management, Auditing, Review, other Assurance, and related services pronouncements in terms of the Act, as amended
Board Notice 509 of 2023
Four Rules Arising from the International Standards on Quality Management
Board Notice 512 of 2023
Fees Payable to the IRBA with effect from 1 April 2024
Board Notice 569 of 2024
Fees on Assurance Engagements Payable to the IRBA with effect from 1 June 2024
Board Notice 624 of 2024
Registration of Registered Auditors and Registered Candidate Auditors
Board Notice 667 of 2024
Summary of the Relevant Sections of the Act
1. Registration as a Registered auditor
2. Registration as a registered candidate auditor
3. Registration of firms
4. Period of validity of the registration of an individual Registered auditor
5. Period of validity of the registration of a registered candidate auditor
6. Period of validity of the registration of a Registered Auditor that is a firm
7. Renewal of registration of individual registered auditors
8. Requirements for renewal of registration and re-registration for registered candidate auditors
9. Requirements for renewal of registration and re-registration for registered auditors that are firms
10. Application forms for individual registered auditors and registered candidate auditors
11. Education, training and competency requirements for individual registered auditors or registered candidate auditors
12. Application form for registration of registered auditors that are firms
13. Renewal of registration for Registered Auditors
14. Renewal of registration for registered candidate auditors
15. Re-registration for Individual Registered auditors
16. Re-registration for registered candidate auditors
17. Re-registration of registered auditors that are firms
18. Assurance and Non-Assurance status
Annexures
Annexure A : Form 1 - Application by an Individual to the entered into the Register of Registered Auditors
Annexure B : Form 2 - Application by a Firm for Admission to the Register of Auditors
Annexure C : Form 2A - Details of Branch of a Firm
Annexure D : Form 5 - Application by an Individual to Register as a Registered Candidate Auditor
Annexure E : Form 6 - Application by an Individual Registered Auditor to change from a Non-Assurance to an Assurance Registration Status
Annexure F : Form 1A - Firm Details
Policy and Procedures
Policy and Procedures relating to Continuing Education, Training and Professional Development prescribed in terms of Section 7(1)(C) of the Auditing Profession Act, 26 of 2005
Board Notice 427 of 2023
1. Introduction
2. Objective of the Policy and Procedures
3. Requirements
4. Measurement of CPD
5. Monitoring of CPD
6. Non-Compliance with the Policy
7. Effective Date and Repeal of the Previous Policy
Annexure
Language Policy
Board Notice 702 of 2024
1. Purpose
2. Scope
3. Legislative Requirements
4. Definitions
5. Policy Principles
Annexure
Part C : Comprehensive Stakeholder Engagement
Purchase
Communication Approach
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