Auditing Profession Act, 2005 (Act No. 26 of 2005)Chapter III : Accreditation and RegistrationPart 1 : Accreditation of professional bodies35. Termination of accreditation |
| (1) | The accreditation of a professional body lapses automatically if— |
| (a) | it ceases to exist; or |
| (b) | it fails to pay any prescribed fee or portion thereof within such period as may be prescribed by the Regulatory Board. |
| (2) |
| (a) | The Regulatory Board, subject to subsection (3), must cancel the accreditation by it of a professional body if that body ceases to comply with any requirement for accreditation. |
| (b) | The Regulatory Board must, prior to cancelling of accreditation, give notice in writing to the professional body concerned of its intention to cancel and the reasons on which it is based, and must afford the professional body a period of not less than 21 days and not more than 30 days in which to submit grounds for not proceeding with cancellation. |
| (c) | The Regulatory Board, pending the outcome of the process referred to in paragraph (b), may suspend the accreditation of a professional body if it considers it in the best interests of the public or the auditing profession and may make such alternative arrangements to accommodate the needs of the members of such body during the period of suspension as it may consider necessary. |
| (d) | If the Regulatory Board considers that cancellation of accreditation would not be in the best interests of the public, the auditing profession or the members of a professional body referred to in subsection (3), it may extend the accreditation of the professional body concerned on such conditions as it considers appropriate. |
| (3) | A professional body may by written notice to the Regulatory Board renounce its accreditation. |
| (4) |
| (a) | On the termination of the accreditation of a professional body, the professional body must inform all the registered auditors who were its members at the time of the termination— |
| (i) | of the termination of its accreditation; and |
| (ii) | of their duty to provide the Regulatory Board with the written proof referred to in section 36(2). |
| (b) | On the termination of the accreditation of a professional body, the Regulatory Board must publish a notice informing all the registered auditors who were members of the professional body at the time of the termination— |
| (i) | of the termination of its accreditation; and |
| (ii) | of their duty to provide the Regulatory Board with the written proof referred to in section 36. |
| (5) | A professional body which is no longer accredited is not relieved of any outstanding financial obligation towards the Regulatory Board. |