In these Rules the terms below have the meanings assigned to them and any reference to any section in these Rules is a reference to the corresponding section in the Act—
| 1.1 | "the Act" means the Auditing Profession Act, No. 26 of 2005 and any expression used in these Rules which is defined in the Act bears, unless the context indicates the contrary, the meaning assigned to it in the Act; |
| 1.2 | "Regulatory Board" means the Independent Regulatory Board for Auditors established by section 31; |
| 1.3 | "the Code" means the Code of Professional Conduct prescribed by the Regulatory Board in terms of section 4(1)(c); |
1.4 "firm", in the context of these Rules, means:
| (a) | a partnership, company or sole proprietor referred to in section 382; |
| (b) | An entity that controls the parties in (a), through ownership, management or other means; and |
| (c) | An entity controlled by the parties in (a), through ownership, management or other means. |
| 1.5 | "professional services" in the context of these Rules, means services requiring accountancy or related skills performed by a registered auditor including accounting, auditing, review, other assurance and related services, taxation, management consulting and financial management services. These include but are not limited to: |
| (a) | Audit, review, other assurance and related services: |
| (i) | Financial statement audits, reviews, other assurance services and related services such as regulatory reporting, sustainability, compliance and performance reporting; |
| (ii) | Company accounting advisory services such as preparation of accounting records and financial statements in accordance with recognised financial reporting standards and applicable statutes; and |
| (iii) | Company statutory services; |
| (i) | Tax return preparation and submission; |
| (ii) | Tax calculations for the purpose of preparing accounting entries; |
| (iii) | Tax planning and other tax advisory services; and |
| (iv) | Assistance in the resolution of tax disputes; |
| (i) | Accounting advisory and financial management advisory services: accounting support, conversion services for new and revised accounting standards, financial modeling and project management; |
| (ii) | Business performance services: business effectiveness, people and change management, operational and business finance; |
| (iii) | Internal audit: risk and compliance services, review and monitoring of internal controls, risk management, compliance services, corporate governance and audit committee advisory services; |
| (iv) | Corporate finance services: mergers and acquisitions, valuations, infrastructure financing, debt and capital markets - due diligence reviews, transaction services and designated advisor services to listed companies; |
| (v) | Corporate recovery services: liquidation and insolvency administration, curator bonis, administration of deceased estates, judicial management and trusteeships; |
| (vi) | Financial risk management services: actuarial services, banking and risk advisory |
| (vii) | Information technology (IT) Advisory: security, privacy and continuity, enterprise resource planning; information system audit services, IT project advisory, governance and performance; |
| (viii) | Forensic services: dispute advisory and resolution, ethics and integrity monitoring, fraud risk management, intellectual property and other investigations and regulatory compliance. |
| 1.6 | "public practice" means the practice of a registered auditor who places professional services at the disposal of the public for reward, and “practice” has a similar meaning3. |
| 1.7 | "registered auditor" means an individual or firm registered as an auditor with the Regulatory Board4. |
| 1.8 | "registered auditor in public practice", in the context of these Rules, means a registered auditor that provides professional services. |
| 1.9 | "training contract" means a written training contract entered into in the prescribed form and registered with the Regulatory Board whereby a prospective registered auditor is duly bound to serve a registered auditor for a specified period and is entitled to receive training in the practice and profession of a registered auditor5. |
| 1.10 | These Rules shall, wherever possible, be construed in conformity with the Act and any footnote in these Rules shall be taken into account in the interpretation of these Rules. |
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1 Section 1 v. "Regulatory Board"
2 Section 1 v. "firm"
3 Section 1 v. ''public practice"
4 Section 1 v. "registered auditor"
5 Section 1 v. "training contract"
