| (a) | take steps to promote the integrity of the auditing profession, including— |
| (ii) | conducting disciplinary hearings; |
| (iii) | imposing sanctions for improper conduct; and |
| (iv) | conducting practice reviews or inspections; |
| (b) | take steps it considers necessary to protect the public in their dealings with registered auditors; |
| (d) | encourage education in connection with, and research into, any matter affecting the auditing profession; and |
| (e) | prescribe auditing standards. |
| (2) | The Regulatory Board may— |
| (a) | participate in the activities of international bodies whose main purpose is to develop and set auditing standards and to promote the auditing profession; |
| (b) | publish a journal or any other publication, and issue newsletters and circulars containing information and guidelines relating to the auditing profession; |
| (c) | cooperate with international regulators in respect of matters relating to audits and auditors; and |
| (d) | take any measures it considers necessary for the proper performance and exercise of its functions or duties or to achieve the objects of this Act. |
(3)
| (a) | The Regulatory Board must determine a regulatory strategy for performing its functions in terms of subsection (1). |
| (b) | The Regulatory Board must submit the regulatory strategy to the Minister for approval within three months after the date that the Auditing Profession Amendment Act, 2021, takes effect. |
| (i) | may, after consulting the Regulatory Board, make amendments to the strategy referred to in paragraph (b); and |
| (ii) | must publish in the Gazette the approved regulatory strategy within six months after the date that the Auditing Profession Amendment Act, 2020, takes effect. |
| (d) | The Minister or the Regulatory Board may request an amendment to the regulatory strategy published in terms of paragraph (c) or a new regulatory strategy be determined in accordance with paragraph (c). |
[Section 4(3) inserted by section 2 of the Auditing Profession Amendment Act, 2021 (Act No. 5 of 2021), Notice No. 228 of GG44493, dated 26 April 2021]
