Auditing Profession Act, 2005 (Act No. 26 of 2005)Chapter II : Independent Regulatory Board for AuditorsPart 5 : Committees of Regulatory Board24. Investigating committee |
[Section 24 heading substituted by section 8 of the Auditing Profession Amendment Act, 2021 (Act No. 5 of 2021), Notice No. 228 of GG44493, dated 26 April 2021]
| (1) | The investigating committee referred to in section 20(2)(e) must be independent of the auditing profession and include— |
| (a) | two persons with at least 10 years’ experience in auditing who were formerly registered as auditors; and |
| (b) | an advocate or attorney with at least 10 years’ experience in practicing law. |
| (2) | No member of the investigating committee may— |
| (a) | share, directly or indirectly, in any of the profits or interests of a registered auditor or any person related to a registered auditor; or |
| (b) | receive payments, excluding pension benefits, from a registered auditor. |
| (3) | For purposes of subsection (2)(a) ‘related’ means persons who are connected to one another in any manner contemplated in section 2(1)(a) to (c), read with section 2(2), of the Companies Act, 2008 (Act No. 71 of 2008. |
[Section 24 substituted by section 8 of the Auditing Profession Amendment Act, 2021 (Act No. 5 of 2021), Notice No. 228 of GG44493, dated 26 April 2021]