Auditing Profession Act, 2005 (Act No. 26 of 2005)Chapter II : Independent Regulatory Board for AuditorsPart 4 : Governance of Regulatory Board13. Disqualification from membership and vacation of office |
| (1) | A person may not be appointed as a member of the Regulatory Board if that person— |
| (a) | is not a South African citizen; |
| (b) | is not resident in the Republic; |
| (c) | is an unrehabilitated insolvent; |
| (d) | has been convicted of an offence in the Republic, other than an offence committed prior to 27 April 1994 associated with political objectives, and was sentenced to imprisonment without an option of a fine or, in the case of fraud, to a fine or imprisonment or both; |
| (e) | subject to subsection (2), has been convicted of an offence in a foreign country and was sentenced to imprisonment without an option of a fine or, in the case of fraud, to a fine or imprisonment or both; |
| (f) | has, as a result of improper conduct, been removed from an office of trust; or |
| (g) | has in terms of this Act been found guilty of improper conduct. |
| (2) | For the purposes of subsection (1)(d), the Minister must, as far as reasonably possible, take cognisance of the prevailing circumstances in a foreign country relating to a conviction. |
| (3) | The membership of a member of the Regulatory Board ceases if he or she— |
| (a) | becomes disqualified in terms of subsection (1) from being appointed as a member of the Regulatory Board; |
| (b) | resigns by written notice addressed to the Regulatory Board; |
| (c) | is declared by the High Court to be of unsound mind or mentally disordered or is detained under the Mental Health Act, 1973 (Act No. 18 of 1973); |
| (d) | has, without the leave of the Regulatory Board, been absent from more than two consecutive meetings of the Regulatory Board; or |
| (e) | ceases to be permanently resident in the Republic. |
| (4) | If a member of the Regulatory Board becomes disqualified on a ground mentioned in subsection (1) or (3), such member ceases to be a member of the Regulatory Board from the date of becoming disqualified. |
| (5) |
| (a) | If a member of the Regulatory Board dies or vacates his or her office before the expiration of his or her term of office, the Minister must consider appointing a person to fill the vacancy for the unexpired portion of the period for which that member was appointed. |
| (b) | If the Minister appoints a person to fill the vacant seat, the appointment must be made within 60 days from the date on which the vacancy occurred. |