Special Investigating Units and Special Tribunals Act, 1996
R 385
Co-operatives Act, 2005 (Act No. 14 of 2005)Chapter 7 : Audited Reports and Independent Reviewed Reports of Co-operatives49. Auditor and independent reviewer disqualified from acting |
(1) A person is disqualified from being an—
| (a) | auditor or independent reviewer of a co-operative if that person— |
| (i) | has a personal or material interest in a co-operative or in any of its affiliates or where the co-operative is a secondary, tertiary or the national apex co-operative, in any of its members or in the business of any of its directors or senior employees; |
| (ii) | is not registered with the South African Institute for Chartered Accountants or does not satisfy the requirements for registration as an auditor as contemplated in Chapter III of the Auditing Profession Act; or |
| (iii) | does not act in accordance with the code of conduct pertaining to their accounting professional body; or |
| (b) | auditor or independent reviewer of a co-operative in any other circumstances that constitute a conflict of interest in terms of the code of professional conduct applicable to the relevant auditor or independent reviewer. |
| (2) | A formal finding by the relevant accounting regulatory body of a contravention of its code of conduct, or a conflict of interest, will be sufficient proof of non-compliance or a conflict of interest for purposes of subsection (1)(a)(iii) or (b). |
[Section 49 substituted by section 37 of Notice No. 558, GG 36729, dated 5 August 2013]
