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Auditing Profession Bill Tabled

November 5, 2014

National Treasury

The Auditing Profession Amendment Bill has been tabled in parliament.

The bill’s explanatory summary was published in the Gazette at the end of October 2014.

The proposed legislation is designed to allow for the regulation of candidate auditors by the Independent Regulatory Board for Auditors as well as align the Auditing Profession Act to the Companies Act of 2008.

Currently candidate auditors are not regulated. The proposed regulation will apply when candidate auditors are undergoing specialist training prior to appointment as registered auditors.

Registered candidate auditors would be regulated in the same way that registered auditors are.

The alignment with the Companies Act relates to the definition of “company”.

The bill was approved by cabinet in October 2014.

In an earlier statement, cabinet emphasised that the proposed amendments would help to “protect the public in the work done by a candidate auditor”.

No draft bill was previously released for comment.