Auditing Profession Act, 2005 (Act No. 26 of 2005)Chapter V : Accountability of Registered Auditors 51. Sanctions in admission of guilt process |
[Section 51 heading substituted by section 17 of the Auditing Profession Amendment Act, 2021 (Act No. 5 of 2021), Notice No. 228 of GG44493, dated 26 April 2021]
| (1) | If a registered auditor admits guilt as contemplated in section 49(4)(a), the enforcement committee may— |
| (a) | caution or reprimand the registered auditor; |
| (b) | impose a fine on the registered auditor not exceeding the amount determined by the Minister in the Gazette in terms of subsection (2); or |
| (c) | require the registered auditor to attend appropriate training or any other relevant non-monetary sanction or more than one relevant non-monetary sanction. |
| (2) | The Minister must determine the amount referred to in subsection (1)(b)— |
| (a) | on the recommendation of the Regulatory Board; and |
| (b) | after publishing in the Gazette the proposed amount for comment for at least 30 days. |
| (3) | The enforcement committee may impose more than one of the sanctions referred to in subsection (1). |
| (4) | A sanction imposed in terms of subsection (1) may be suspended for a specific period or until the occurrence of a specific event or made subject to any conditions. |
| (5) | The enforcement committee may order a registered auditor who admitted guilt to the charges to pay such reasonable costs as have been incurred in connection with an investigation or such part thereof as the enforcement committee considers just. |
| (6) | The enforcement committee may, if considered appropriate, request the Regulatory Board to publish in the Board’s website the name of the registered auditor who admitted guilt, the charge and the sanction imposed in terms of subsection (1), read with subsection (3), and a cost order in terms of subsection (4). |
| (7) | The Regulatory Board must give effect to the decision of the enforcement committee. |
[Section 51 substituted by section 17 of the Auditing Profession Amendment Act, 2021 (Act No. 5 of 2021), Notice No. 228 of GG44493, dated 26 April 2021]