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Parliament Passes Auditing Profession Amendment Bill

May 25, 2015

Parliament

Parliament has passed the Auditing Profession Amendment Bill and sent it to president Zuma for assent.

The bill was tabled in parliament in November 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”.

Meanwhile, the Davis Tax Committee (DTC) has called for input towards the second interim report on base erosion and profit shifting (BEPS).

The input is required to assist the DTC BEPS sub-committee with drafting its second interim report on BEPS.

The input needs to be aligned with item 3b in the DTC’s terms of reference which focuses on tax avoidance including base erosion, income splitting and profit shifting.

Stakeholders are asked to consider a number of key issues when formulating their input including how the South African tax base is being eroded, efficacy of current legislation to deal with the challenges, recommendations on possible improvements and potential cost of compliance.

Written submissions are invited until 31 August 2015.

It can be emailed to taxcom@sars.gov.za.