National treasury has republished, in Government Gazette 43009, the explanatory summary for the Draft Auditing Profession Amendment Bill.
The explanatory summary was first published in Gazette 42999 on 7 February 2020.
The replacement notice provides more detail on the aims and objectives of the draft bill.
The draft bill provides for, among others,
• amendments to strengthen the governance of the Independent Regulatory Board for Auditors (IRBA);
• strengthen the investigating and disciplinary processes;
• provide for the power to enter and search premises and to subpoena persons with information required for an investigation or disciplinary process;
• provide for the power to issue a warrant for purposes of entering and searching of premises;
• provide for processes to be followed after an investigation;
• provide for a duty to disclose information;
• provide for sanctions in admission of guilty process and following a disciplinary hearing;
• provide for offences relating to investigation and disciplinary process;
• provide for protection of personal information.
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.
The draft bill will be tabled in parliament during February 2020.