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Auditing Profession Amendment Bill Heading for Parliament

February 10, 2020

National Treasury

The Draft Auditing Profession Amendment Bill will be tabled in parliament during February 2020.

National treasury published the proposed legislation’s explanatory summary in Government Gazette 42999.

The bill provides for, among others:

 
• the establishment of the Independent Regulatory Board for Auditors (IRBA);
• the education, training and professional development of registered auditors and registered candidate auditors;
• regulation of the conduct of registered auditors and registered candidate auditors; and
• the protection of personal information in the possession of IRBA.

Last year, the Financial Matters Amendment Bill contained proposed amendments to the Auditing Professions Act focused on providing the IRBA with more powers to investigate and impose harsher penalties on auditors who commit offences.

However, the standing committee on finance was unable to process the proposed amendments due to time constraints prior to the ending of the 5th parliament and they were removed from the bill.

Treasury was requested to bring the draft amendments to the 6th parliament.

Meanwhile, in Gazette 43000, the South African Revenue Service published an amendment to Schedule 2 of the Customs and Excise Act.

The amendment inserts various items under item 213.03 in order to implement anti-dumping duties on clear float glass originating in or imported from Saudi Arabia and the United Arab Emirates.

In a separate matter, the Intergovernmental Fintech Working Group (IFWG), in a statement, announced that a report highlighting discussions held during its financial technology (fintech) workshops in 2019 has been released.

Themes for the six workshops were artificial intelligence; central bank issued digital currencies; cybersecurity; digital identity; innovation for economic growth; and open banking.

The report can be viewed at http://www.treasury.gov.za/comm_media/press/2020/IFWG_2019WorkshopsReport_v1.0.pdf.