Auditing Profession Act, 2005 (Act No. 26 of 2005)Chapter III : Accreditation and RegistrationPart 1 : Accreditation of professional bodies36. Effect of termination of accreditation on registered auditors and registered candidate auditors |
| (1) | Subject to this section, the fact that the accreditation of a professional body has ended in terms of section 35 does not affect the registration under this Act of any registered auditor or registered candidate auditor who was a member of the professional body at the time of the termination. |
[Section 36(1) substituted by section 10(a) of the Auditing Profession Amendment Act, 2021 (Act No. 5 of 2021), Notice No. 228 of GG44493, dated 26 April 2021]
| (2) | Registered auditors or registered candidate auditors referred to in subsection (1) who were members of the professional body referred to in subsection (1) must, within six months of the termination of the accreditation of the professional body or within such other period as may be prescribed by the Regulatory Board, provide written proof to the satisfaction of the Regulatory Board that they have become members of another accredited professional body. |
[Section 36(2) substituted by section 10(b) of the Auditing Profession Amendment Act, 2021 (Act No. 5 of 2021), Notice No. 228 of GG44493, dated 26 April 2021]
| (3) | Where a registered auditor or registered candidate auditor referred to in subsection (1) fails to comply with the requirements of subsection (2), the Regulatory Board, subject to subsection (4), may cancel the registration of the registered auditor or registered candidate auditor under this Act. |
| (4) | The Regulatory Board must, prior to the cancelling of the registration of a registered auditor or registered candidate auditor, give notice in writing to the registered auditor or registered candidate auditor concerned of its intention to cancel and the reasons on which it is based, and must afford the registered auditor or registered candidate auditor a period of not less than 21 days and not more than 30 days in which to submit grounds for not proceeding to cancellation. |
[Section 36 substituted by section 4 of Act No. 2 of 2015]