Auditing Profession Act, 2005 (Act No. 26 of 2005)

Board Notices

Independent Regulatory Board for Auditors

New Rules Regarding Improper Conduct and Code of Professional Conduct for Registered Auditors

Code of Professional Conduct for Registered Auditors

Status of the Code
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1. In terms of the powers granted to it by sections 4 and 21 of the Act, the Regulatory Board has published this Code of Professional Conduct for Registered Auditors (“this Code”) to establish the fundamental principles of ethical conduct and provide a conceptual framework that assists registered auditors in complying with the ethical requirements of this Code and meeting their responsibility to act in the public interest. It replaces the existing IRBA Code of Professional Conduct which is repealed and replaced with effect from 1 January 2011. Transitional provisions at the end of this Code provide for later effective dates for specific sections. This Code does not restrict the scope of the Act or the Rules Regarding Improper Conduct.

 

2. The Code is applicable to all registered auditors. A contravention of, or failure to comply with any requirements in the Code, may be regarded as improper conduct within the ambit of section 21 of the Act or of the Rules Regarding Improper Conduct and as such may be investigated and if appropriate the registered auditor might be charged in terms of section 48 of the Act.

 

3. This Code is based on Parts A and B of the Code of Ethics for Professional Accountants of the International Ethics Standards Board of Accountants (the “IESBA Code”) published by the International Federation of Accountants (IFAC) in April 2010 and is used with permission of IFAC. Adaptations to Parts A and B are underlined and in italics in this Code.