Auditing Profession Act, 2005 (Act No. 26 of 2005)Chapter VI : Offences52. Reportable irregularities and false statements in connection with audits |
| (1) | A registered auditor who— |
| (a) | fails to report a reportable irregularity in accordance with section 45; or |
| (b) | for the purposes of, or in connection with, the audit of any financial statement knowingly or recklessly expresses an opinion or makes a report or other statement which is false in a material respect, |
shall be guilty of an offence.
| (2) | Where the registered auditor failing to report a reportable irregularity or conducting the audit is a firm, subsection (1) applies to individual registered auditor referred to in section 44(1)(a), but nothing in this subsection prevents the taking of disciplinary action under Chapter V in respect of the firm concerned, in addition to or instead of the individual registered auditor referred to in section 44(1)(a). |
| (3) | A person convicted of an offence in a court of law under this section is liable to a fine or to imprisonment for a term not exceeding 10 years or to both a fine and such imprisonment. |