Auditing Profession Act, 2005 (Act No. 26 of 2005)Chapter II : Independent Regulatory Board for AuditorsPart 2 : Functions of Regulatory Board7. Functions with regard to education, training and professional development |
| (1) | The Regulatory Board must— |
| (a) | either in full or in part, recognise or withdraw the recognition of the educational qualifications or programmes or continued education, training and professional development programmes in the auditing profession of educational institutions and accredited professional bodies; |
| (b) | recognise or withdraw the recognition of any accredited professional body to conduct any qualifying examination contemplated in section 37 or conduct any such examination for the purposes of section 37; |
| (c) | prescribe requirements for and conditions relating to and the nature and extent of continued education, training and professional development; |
| (d) | prescribe training requirements, including, but not limited to, the period of training and the form for training contracts; |
| (e) | approve and register training contracts entered into by prospective registered auditors; |
| (f) | prescribe competency requirements; and |
| (g) | either conditionally or unconditionally, recognise or withdraw the recognition of registered auditors as training officers. |
| (2) | The Regulatory Board may— |
| (a) | establish mechanisms for registered auditors to gain recognition of their qualifications and professional status in other countries; |
| (b) | enter into an agreement with any person or body of persons, within or outside the Republic, with regard to the recognition of any examination or qualification for the purposes of this Act; |
| (c) | establish and administer an education fund for the purpose of education, training, professional development and continued education, training and professional development of registered auditors and students in the auditing profession; and |
| (d) | give advice to, render assistance to, consult with or interact with any organ of state, statutory body, educational institution, professional body or examining body with regard to educational facilities for and the education, training and professional development of registered auditors and prospective registered auditors. |
| (3) |
| (a) | The Regulatory Board must, prior to withdrawing of recognition referred to in subsection (1)(a) or (b), give notice in writing to the educational institution or accredited professional body concerned of its intention to withdraw and the reasons on which it is based, and must afford the educational institution or accredited 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 withdrawal. |
| (b) | If the Regulatory Board considers that withdrawal of recognition would not be in the best interests of the public, the auditing profession or the members of an accredited professional body, it may extend the recognition of the educational institution or accredited professional body concerned on such conditions as it considers appropriate. |
| (c) | The Regulatory Board must publish the withdrawal of recognition in terms of this subsection. |